The Financial Conduct Authority (FCA) has prescribed a minimum amount of CPD per year for all Retail Investment Advisers (RIAs). These minimum standards are incorporated into the IFP CPD scheme requirements with effect from 1 January 2012.
The IFP CPD scheme continues to set a higher standard for CFPCM Professionals and Fellows. The current requirements are:
|CFPCM Professionals and Fellows||50 hours per annum (minimum of 21 hours structured)|
|Accredited Paraplanners (APP)||35 hours per annum (minimum of 21 hours structured)|
|Associates of the IFP (AIFP), including RIAs who have selected IFP as their Accredited Body||35 hours per annum (minimum of 21 hours structured)|
There is an exemption for members who are retired and who do not wish to continue using their relevant member designation and those whose roles do not involve giving financial advice to clients.
Members should undertake CPD activities that are relevant to their role but should cover the following areas:
- Professional Standards and Compliance
- Technical Knowledge
- Personal Development
- Practice Management (where appropriate)
All members need to attain a minimum of two and half hours in Professional Standards and Compliance, and a minimum of two and half hours in Ethics. A maximum number of hours per annum can be in Personal Development (ten hours for CFPCM professionals and Fellows and six hours for other members).