Julie Pardy, retail sector director at Corporate Training Partnerships, writes that in less than a year, formal continuing professional development (CPD) schemes become compulsory for retail financial services firms. She has put together a top 10 list to dispel many of the CPD 'myths'.
Here are a few excerpts; for the full list click here.
4: Skills-based learning cannot count towards CPD as the RDR requirements revolve around knowledge as opposed to skills.
The FSA’s one-minute guide to CPD clearly states that CPD should cover technical knowledge and its application, skills and expertise and changes in the markets and to products, regulation and legislation. So skills-based learning definitely counts.
5: In order for CPD to count as structured, it must have a test at the end to verify the learning.
No. The FSA’s recently published document on the most frequently asked Q&As from its RDR roadshow, confirms that “Structured CPD does not have to include an examination or a test”.
6: Because accredited bodies ask their members to record CPD in slightly different ways, what is acceptable for CPD to one accredited body will not be acceptable for another.
At this early stage, it is difficult to define what will and will not be acceptable to an accredited body. However, each and every accredited body is working on the basis that each individual must do CPD that is appropriate and relevant to the role they undertake.
9: Reading cannot count towards an individual’s structured CPD for the year.
Incorrect. The FSA’s One Minute Guide on the Smaller Firms states: “For a minority of activity, it might also include structured, education reading where quality reading material has been produced to meet the required learning outcome”.
10: Excluding accredited bodies, external providers cannot provide structured and unstructured CPD to firms and individuals.
While the regulator has stated its view of structured and unstructured CPD, it has in no way defined who can and cannot provide CPD services to the industry. The only restrictions that have been applied to CPD are in respect of the organisations that will operate as accredited bodies. Firms that are looking to procure CPD services from firms that offer support in this area need to be sure the firm has in-depth knowledge, a strong track record and capability.
CPD GUIDELINES
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Identify target employees.
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Define what CPD means to you and your organisation.
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Set out what will be included for both structured and unstructured CPD. Remember the guidance that the FSA has set out in this area.
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Consider where you will source the expertise to deliver CPD.
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Consider your business proposition. Ongoing CPD for an independent firm may look somewhat different from a CPD programme for a restricted firm.
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How will you deliver your CPD programme? What technology do you need? Do you have it? If not, can you afford to get it and do you have time to implement it?
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What recording mechanisms do you have? Will your firm use CPD logs provided by accredited bodies or will you provide an internal CPD recording system?
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What will your CPD programme look like? Will it be delivered monthly or quarterly? Who will deliver it and how will you evidence what has been delivered?
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Consider developing a CPD annual schedule whereby newsworthy topics can be timetabled in.
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In order to execute a robust CPD programme, training managers need to work on this now to meet the deadline. The larger the organisation the more complex the solution will be and with this comes time and resource pressures.
© MoneyMarketing
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