Deadline looming for compliance for CPD
CPD (Continuing Professional Development) ensures that your team possess the appropriate knowledge and ability in order to complete their tasks and perform their duties adequately. CPD is part of the insurance distribution directive and is a compulsory requirement.
The Directive applies to all staff that sell, advise on, or transact insurance contracts for all types of insurance products and customers. As well as those that assist in administering or performing the contracts. Anyone within your firm since the 1st October 2018 has until 1st October 2019 to meet with and complete the relevant requirements. Failing to comply with CPD by 1st October 2019 could mean that you are in breach of the regulatory requirements leading to possible sanctions and suspension from involvement in insurance mediation activities.
Contact us NOW on 01761 252581 to see how Peak Consultants can offer you the necessary training involved to ensure you have complete peace of mind over this - but hurry time is running out!
CPD stands for Continuing Professional Development. It refers to the process of tracking and documenting the skills, knowledge and experience that you gain both formally and informally as you work, beyond any initial training. It’s a record of what you experience, learn and then apply. The term is generally used to mean a physical folder or portfolio documenting your development as a professional. Some organisations use it to mean a training or development plan, which I would argue is not strictly accurate!
The Financial Conduct Authority (FCA) introduced Continuing Professional Development (CPD) that became a regulatory requirement for all insurance providers, intermediaries and professionals from 1st October 2018. It replaces the Insurance Mediation Directive (IMD). It aims to enhance consumer protection when buying insurance – including general insurance, life insurance and insurance-based investment products (IBIPs) – and to support competition between insurance distributors by creating a level playing field.
The Directive applies to all staff that sells, advise on, or transact insurance contracts for all types of insurance products and customers. As well as those that assist in administering or performing the contracts. It requires everyone in the industry from individuals to multi-national companies to ‘possess appropriate knowledge and ability in order to complete their tasks and perform their duties adequately’. Firms are required to comply with the new requirements from 1 October 2018.
Key features of the CPD Process
- Be a documented process
- Be self-directed: driven by you, not your employer
- Focus on learning from experience, reflective learning and review
- Help you set development goals and objectives
- Include both formal and informal learning
Refines your personal skills and intellect and helps to plug any knowledge gaps
Helps you record, review and reflect on what you learn and keeps academic and practical qualifications up to date
Opens pathways to career progression or potential redirection
Enhances your ability to regularly learn and improve by uncovering gaps in your skills and capabilities