CPD and Minimum Competency
The Minimum Competency Code applies to persons exercising a controlled function or pre-approval controlled function on a professional basis, the exercise of which includes the following:
- providing advice to consumers on retail financial products
- arranging or offering to arrange retail financial products for consumers, including any amendments to insurance cover and the restructuring or rescheduling of loans, or the exercise of a specified function
- under the Minimum Competency Code, all accredited persons are obliged to complete a number of Continuous Professional Development (CPD) hours each year
A person who qualifies with a recognised qualification during the course of the year will be required to commence CPD activity once their designation has been awarded to them. This return may be calculated pro-rata for those qualifying at different times each year.
To maintain your professional designation you must satisfy the following Continuing Professional Development (CPD) requirements as outlined by Central Bank’s Minimum Competency Code 2011. These are:
- complete 15 hours of formal CPD each calendar year
- at least 1 of these CPD hours must relate to ethics
- the 15 hours must also contain a minimum of 1 hour of CPD hours in each function of which you are accredited to
The CPD year runs from 1st January – 31st December each year, i.e. hours must be completed in the calendar year. The closing date for making an annual return each year is 31st January the following year. i.e. 2014 returns should be filed before Jan 31st 2015.
Surplus hours in one year may not be carried into the following year.
Where a person fails to complete 15 formal CPD hours in any year, the shortfall may be made up by the end of the following year (in addition to the requirement for that CPD year) provided the person has not incurred another shortfall within the previous five years.
Non-compliance of CPD may cause a person’s designation to be removed, if they fail to comply with the rules of the CPD scheme. Non-compliance may include non-return, a false return or a shortfall in CPD hours without notification of a pro-rata request.
All CPD completed must be accredited by NCI and the CPD Board.