At a recent motor forum discussion, David Harpur, CEO of IISA provided an update on the institute’s current thinking on continuous professional development for members.
IISA Professional Members are required to complete 15 hours of CPD in the period of 1 July 2014 to 30 June 2015.
An article in FANews quotes Harpur as saying that the IISA will not be cancelling the membership of those who do not fully comply with CPD requirements by 30 June 2015.
The article further notes that the institute plans to incorporate future FSB requirements in their CPD planning to avoid market confusion.
In February, the FSB invited Industry Associations and Professional Bodies to participate in a Continuous Professional Development Regulatory Landscape Workshop for FSPs.
The invitation indicated that the workshop would be the first of a series of workshops to discuss “… the regulatory landscape and expected regulatory changes which will form the context within which a CPD model will have to be implemented. A new CPD model will then be presented and input will be required from professional bodies and industry associations regarding the viability of such a CPD model, taking into consideration their vast experience and expertise in the financial services industry.”
From the above it is apparent that CPD will not become a FSB obligation overnight, despite the fact that CPD became part of the Fit and Proper requirements on 28 February 2014, and is defined as: “continuous professional development” means a process of learning and development with the aim of enabling a financial services provider, key individual, representative or compliance officer to maintain the competency to comply with this Act;
The RDR discussion document alludes to CPD in its closing comments by stating that it aims to “…build on the professionalism of the industry already achieved through FAIS, by including enhanced competency and conduct standards.”
None of the 55 proposals in the discussion document specifically refer to CPD. It appears that generic and specific product knowledge will be the first focus, after which CPD will follow.
Constantly upskilling oneself should not be done only for purposes of acquiring the minimum number of CPD points or because it is a legal requirement – it is what true professionals do to keep themselves ahead of the pack.