Part-time advisers subject to minimum CPD rules
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The FSA has decided all advisers should complete at least 35 hours of Continuing Professional Development a year, including those who work part-time.
The regulator had originally proposed in its professionalism consultation paper in June that the CPD requirements would apply to all advisers who work for at least 32 hours each week, but suggested a lower number of CPD hours for those working part-time.
But the policy statement published today says both full-time and part-time workers will be required to complete at least 35 hours of CPD a year.
The FSA says: “Following our further assessment of equality and diversity implications, and in light of consultation feedback, we are adjusting our proposals to ensure that all advisers are required to commit the same amount of time to maintaining their knowledge.”
Acceptable forms of CPD include distance and e-learning tools, including those made up of computer-based training and web-based seminars.
Where an adviser is continuously absent from work firms can suspend the CPD requirements.
Circumstances where this would apply include maternity, paternity, or adoption leave; long-term illness or disability; caring responsibilities for a family member who has a long-term illness or disability; or any other absence allowed in order for the firm meet its statutory equality and diversity duties.
The FSA has also decided not to raise the proportion of advisers’ CPD records to be assessed by accredited bodies beyond 10 per cent.
The FSA says: “We have decided against raising the 10 per cent CPD sample check requirement at this early stage, primarily because we recognise this is a new regime and needs time to evolve.”
The regulator notes that accredited bodies are free to exceed the requirements if they choose, and says it is aware of three bodies that want to apply for accredited status that already check over 10 per cent of CPD records.
But the FSA adds: “We welcome this but would remind these and other bodies of our supervisory experience that quantity is not a substitute for quality.”
The FSA is also encouraging accredited bodies to recognise CPD activity from a range of providers, including firms’ in-house schemes.
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