The FMA on the CPD debate
The quality of continuing professional development (CPD) courses has been criticised by some advisers and is now being watched by the FMA.
Tuesday, September 25th 2012, 6:56AM
The Financial Markets Authority says it has received very few complaints about the quality or relevance of CPD material.
But it has received enquiries from people who are unclear about the requirements to complete structured training outlined in the Code, as opposed to the separate CPD requirements a professional body may impose on its members.
“FMA is aware that on-going work is being undertaken by industry bodies to develop sound CPD principles for providers of CPD. “
While FMA does not regulate or supervise CPD providers, it is interested in receiving information about the quality and availability of training.
“Where a complaint is made, FMA may seek further information from the CPD providers. The provider might be required to explain or clarify their services but generally we expect providers to ensure that their courses are relevant and at a sufficient level and quality for their target audience,” a spokesman for the authority says.
“We would encourage course participants to raise any complaints directly with their course provider.”
The FMA has been asking to see a copy of the AFA’s Professional Development Plan as part of its adviser monitoring visits.
“This gives us information about how the AFA has complied with the minimum standards for continuing professional training as set down in the Code of Professional Conduct. “
“Code Standard 18 is clear that professional development must be relevant to the financial services the AFA provides or intends to provide. AFAs are in the best position to judge their learning and development needs and therefore the degree of relevance of the courses they elect to attend.
“Their record of CPD activity must demonstrate clear links between their own financial adviser services and practice, their individual development needs and the CPD activity undertaken by them.”
“And the overarching Code Standard is Code Standard 14, under which an AFA must ensure they have the competence, knowledge, and skills to provide the relevant service.”
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