Time to put in the hours

CPD is changing from a credits-based system to an hours-based model. Mark Hutchinson explains how the new scheme will work

Accountants do it. Architects and teachers do it. In fact, pretty much all professionals are formalising continuing professional development (CPD) as part of a package of professional standards of knowledge and behaviour: It is at the heart of what it means to be a professional.

All qualified PFS members already commit to undertake a minimum amount of CPD each year and this will not change. However, we are introducing a new CPD scheme that is hours based rather than credits based. The scheme mirrors the new CPD rules for retail investment advisers, being introduced by the Financial Services Authority as part of the retail distribution review (RDR), and complements the verification services the Chartered Insurance Institute (CII) is now performing in its capacity as an accredited body.

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