Professional bodies have raised concerns that advisers are failing to complete “relevant and effective” continuing professional development and are failing to record activities in the correct way.
Under the RDR professionalism rules, advisers must undertake a minimum of 35 hours CPD each year, 21 of which needs to be structured.
Advisers are required by the FCA to keep CPD records that document how activities have met identified knowledge gaps. Accredited bodies carry out checks to ensure advisers are meeting standards.
Writing in Money Marketing this week, Institute of Financial Planning communications director Sue Whitbread says while advisers are completing the required number of hours of CPD, activities are often irrelevant to advisers’ ongoing development plans.
She says: “The reports I get from the IFP’s professional standards team is there is still a long way to go to ensure the CPD activities being completed are really relevant and effective. Our audits of members’ records have found in the vast majority of cases there is little or no evidence of any CPD plan or how the activities carried out relate in any way to the adviser’s ongoing competence or development plans.”
Chartered Insurance Institute director of financial services and insurance markets Steve Jenkins says the body has identified some recording issues.
He says: “In some cases advisers are struggling to record their CPD correctly and demonstrate that the activities are a solution to a specific, identified need.”
Informed Choice managing director Martin Bamford says: “Making sure all CPD activities are relevant is quite a challenge for advisers as 35 hours is a huge amount of time.”
Our free CPD Centre, powered by technical division Taxbriefs, acts as a one-stop shop offering acredited independent CPD linked with specific learning objectives which can then be tested and logged on the platform. Go to www.moneymarketing.co.uk/cpd-centre to sign up and join the 6,000 advisers using it.