An overall total of 15 CPD hours must be completed by accredited individuals (e.g. QFAs, CUAs, APAs and Standard Members) each year, (unless additional catch-up hours are required or a pro-rata adjustment has been made). Those holding more than one designation are required to complete only one ‘set’ of 15 hours.
Under the MCC, at least one of your 15 CPD hours must be related to Ethics and at least one of the remaining 14 hours must be relevant to each category of retail financial product in which you are accredited. The good news is that in some cases, individual CPD activities can satisfy the one hour requirement across more than one category (e.g. some LIA CPD seminars, LIA exams, online MyCPD (www.mycpd.ie) modules etc.)
Let’s look at an example:
- John is a QFA and so is accredited in five categories of Retail Financial Product (categories 1, 2, 3, 7 and 8).
- John therefore has 15 CPD hours to complete, at least one hour must be in Ethics and one of the remaining 14 hours must be relevant to each of categories 1, 2, 3, 7 and 8 as his QFA accredits him in these five categories.
- The ‘Succession & Estate Planning’ module on MyCPD provides 2 CPD hours overall, but they are relevant to categories 1, 2 and 3.
- John successfully completes this module and therefore earns two hours CPD against his overall requirement of 15 hours for 2017. But as these two hours were relevant to category 1 and category 2 and category 3, John has now met his ‘one hour’ requirement in each of these categories by means of this one module.
- John therefore now has 13 hours to complete for the year (15 minus 2) of which at least one hour must be relevant to each of categories 7 and 8, as he has not yet met his ‘one hour’ requirement for these categories.
- When all of John’s ‘one hour’ and Ethics requirements have been met, John can complete any remaining hours (to make up his overall 15 hour requirement) across any modules, provided they are relevant to any of the five categories in which he is accredited.
Categories of Accreditation:
- Life Assurance
- Savings and Investments
- Personal General Insurance
- Commercial General Insurance
- Private Medical Insurance and Associated Insurances
- Housing Loans, Home Reversion Agreements and Associated Insurances
- Consumer Credit and Associated Insurances
|LIA Designations recognised under MCC||Category(s) of Accreditation to which designation is relevant|
|QFA||1, 2, 3, 7 & 8|
|QFA APA (Personal General Insurance)||1, 2, 3, 4, 6, 7 & 8|
|APA (Life Assurance)||1|
|APA (Savings & Investments)||3|
|APA (Consumer Credit)||8|
Under MCC LIA’s CUA designation meets the minimum competency requirements for “Credit Unions Acting as Insurance Intermediaries”. CPD undertaken by CUAs should be relevanat to the CUA curriculum.
QFA Board Definition of CPD for QFAs & APAs - August 2017
Section 1.7.2 of the Minimum Competency Code defines CPD as follows:
“The content of the CPD hours must be directly relevant to the functions of the qualified person or grandfathered person and the CPD material for qualified persons or grandfathered persons must therefore be related to the competencies set out in Appendix 3.”
All CPD hours for a product category must, therefore, be related to the competencies set out in Appendix 3 of the Minimum Competency Code for that product category. The requirement that the content of the CPD hours must be directly relevant to the functions (as defined in Section 1.2 of the Minimum Competency Code) of the qualified person in relation to a product category does not restrict CPD hours to only some of the competencies set out in Appendix 3 of the Minimum Competency Code for that product category, since all the competencies set out in Appendix 3 of the Minimum Competency Code for a product category are directly relevant to the functions defined in Section 1.2 of the Minimum Competency Code in relation to that product category.
For QFAs & APAs, therefore, the Minimum Competency Code effectively requires that all CPD hours must be related to the competencies set out in Appendix 3 of the Minimum Competency Code for the categories of retail financial product in respect of which the QFA designation is recognised.
Full information on CPD requirements is available in the CPD Guidelines and Regulations. The Guidelines can be viewed and downloaded from the CPD page or from the Reference Library in “Your LIA”. You are encouraged to download and read the Guidelines relevant to you.