CPD is defined as is the intentional maintenance and development of the knowledge and skills needed to perform in a professional context. This could mean honing current skills, developing them to a new level, or learning new ones that will allow an employee’s job role to expand or prepare them for potential promotion.
Regulation and CPD across the Financial sector varies widely as the sector covers so many areas, such as Banking, Accounting and Advising. Below are examples of industry regulators and Professional Bodies:
- The Financial Conduct Authority is the conduct regulator for 58,000 financial services firms and financial markets in the UK.
- The Prudential Regulation Authority is a part of the Bank of England and responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms.
- The Association of Chartered Certified Accountants (ACCA) have CPD requirements which vary on the geographic location of members. But all members must complete relevant and varied CPD each year and maintain a CPD record going back at least three previous years.
- The Chartered Institute of Management Accountants (CIMA) guide their members to undertake a necessary amount of CPD each year to maintain capable. This is an outcomes based CPD Policy which means members must demonstrate that professionals are implementing what they learn and not just ‘box ticking’
- The Institute of Financial Accountants (IFA) expect their members to complete a minimum of 40 hours of CPD per year, 20 of which must be verifiable.
- The Institute and Faculty of Actuaries have different levels of membership which have different CPD requirements, but all members are expected to complete CPD activities although the amount varies.Often employers within regulated sectors have dedicated CPD budget for training as they need to ensure all employees meet their requirements. This budget is usually earmarked for formally accredited training so they can be sure that every professional can use the points within their respective CPD record.
Professional’s also must source their own training to ensure their CPD record is varied, this includes attending events, open courses and completing online courses as well as listening to podcasts or webinars. They too will be actively seeking a formal accreditation to ensure all the training they do will count towards their annual hours.
Some Regulators within the Financial sector choose to implement an outcomes based CPD policy, this means professionals don’t necessarily have to collect a certain number of points, but must reflect on their learning. As an accredited CPD Standards Office provider, you will receive a certificate template with a reflective learning tool on the back, designed to help your delegates write a reflective statement.