If you are lagging behind in your CPD, our comprehensive five-step plan offers clear guidance on how to catch up before the year’s end. Here’s our recommended approach:
- Identify your CPD gaps: CPD is not about ‘ticking a box’ or mindlessly accumulating an arbitrary number of hours. Step one involves identifying your CPD gaps by looking at what you and your business are currently doing and what is in the pipeline. Include regulatory changes and guidance over the past 12 months, evolving client expectations, new products and services and the way you deliver them and this will help identify what competence, knowledge and skill you currently have versus what is required.
- Review your PDP: Once you have completed your gap analysis, step two involves building a professional development plan (PDP). This can be done electronically on Radar or via more traditional templates in Strategi’s 2023 CPD handbook. Your PDP becomes your roadmap for justifying what CPD you need to do and when.
- Select the right CPD training: Depending on your business, you might be able to self-certify your CPD. If this is the case, then ensure its robustness and evidential support. Opt for courses or webinars with attendance registers for an externally validated audit trail. Utilise Radar, Strategi Institute’s online education platform with 300+ CPD modules for a seamless and integrated process.
- Ensure seamless reporting: Establish a streamlined system that allows you to quickly access and share your up to date CPD log and PDP with the Financial Markets Authority, should they request it.
- Don’t forget annual refresher training: Ensure compliance with company policies by including modules such as the Privacy Act, Cybersecurity, AML/CFT training, internal code of conduct, and disclosure obligations in your PDP and CPD log.
For those seeking more information, Strategi Institute has created two comprehensive CPD documents. Click below to download and access all the information you need.
- A practical guide to CPD in the new financial advice world.
- Financial Advice: Continuing Professional Development. The complete handbook 2023.
Don’t hesitate to give us a call if you get stuck or have any questions.