The new CPD policy will apply to all CISI members, including existing and new, working across every financial services specialism under the institute’s remit.
The new requirements will come into force on 1 April 2017.
Ethics a core theme
Existing members who join the CISI before 1 April 2017 will need to start their CPD-year no later than 31 March 2018 to meet the new requirements deadline of 31 March 2019.
All CISI members, from Affiliate grade upwards, will be required to complete a minimum of 10 hours of CPD annually, of which one hour must be completed on the subject of ethics.
Chartered members of the CISI already undertake 35 hours of CPD every year, as do holders of a Statement of Professional Standing (SPS) and Certified Financial PlannerSTM.
They will now be required to complete three and a half hours of that CPD on the subject of Ethics.
The aim of the new policy is to ensure that all members located across 116 countries meet the same CPD requirements to demonstrate professionalism and competence.
The CISI has stipulated that:
- All CPD must be relevant to the member’s current role and any anticipated changes to that role;
- All CPD recorded as ‘structured’ is required to be evidenced; and,
- Learning objectives and learning outcomes must be completed for all CPD activities, demonstrating what has been learnt and its relevance to the role.
Simon Culhane, Chartered FCSI and CISI chief executive, said: “We are introducing these new CPD requirements to ensure that all our members, no matter what membership grade they are, job role they hold or jurisdiction they are working in, will be unified by meeting strict annual CPD standards.
“Our aim is to help our members demonstrate to consumers and the industry that they are committed to the highest standards of professionalism and integrity.
“We are phasing in these new CPD requirements gradually, over a two year period, to ensure that we are allowing all our existing members time to get used to these new requirements.
“We have systems in place to help our members register their CPD hours annually. All members receive their own online CPD record, where all their CISI activities are automatically added.”