4.10.3 Continuous Professional Development (CPD)

- The holders of recognised qualifications (e.g. QFA, CIP) must complete 15 formal hours of CPD in each calendar year;
- A grandfathered person must complete 15 formal hours of CPD in each calendar year;
- A grandfathered person in respect of specific functions and who holds a recognised qualification in respect of other functions must complete 15 formal hours of CPD each calendar year (e.g. individual holding the QFA and Grandfathered in respect of General Insurance). The content of CPD must be relevant to both sets of functions for which the person is qualified and grandfathered;
- The holder of a recognised qualification with a professional designation e.g. a solicitor, the retention of which is dependent upon the completion of CPD, will be acknowledged to have complied with this section where he or she has completed the CPD requirements of that recognised qualification.

In addition individuals:

- must complete at least one hour of CPD each calendar year for each function undertaken.
- must complete at least one hour of CPD each calendar year which relates to ethics.
- who fail to complete 15 formal hours in any calendar year may make up the shortfall by the end of the following year provided they did not incur a shortfall in the previous five years. Any breaches of CPD requirements must be held on the regulated firm’s records. Further breaches may result in the removal of the professional designation or grandfather status.
- may not carry over surplus CPD hours into the following year.
- must ensure the content of the CPD hours undertaken is directly relevant to their functions.
- must participate in a CPD scheme operated by a relevant professional body or retain a written log where they arrange their own CPD to show that they have satisfied the requirement.
- may apply for a pro-rata adjustment of CPD for Statutory leave or Long term sick leave (two months or more) but NOT for a Career break, Unemployment, Part-time work, Retirement or Holidays.
- CPD records are subject to checks by educational bodies (where CPD has been attached to an individual’s qualification) or by the Central Bank of Ireland.
- Each individual is responsible for his/her compliance with CPD requirements. However, it is the responsibility of the firm to ensure that individuals covered by the requirements satisfy the requirements and you should ensure that all relevant persons record all CPD activity undertaken on his/her CPD plan promptly. See below.
- You should establish an annual CPD plan to provide all relevant staff with a relevant CPD programme over the next 12 months. Appendix 2F shows a sample CPD record sheet for staff. This must be monitored by the firm on an ongoing basis to ensure that appropriate CPD hours are being attained.