If you hold a professional designation, you must complete 15 hours formal CPD each year to meet your requirement, one of which must relate to ethics.
The situation can be a little more complex if you hold multiple designations. Here are some scenarios that might help to clarify the situation – however, we’re here to chat you through the process. Call us on 01 645 6670 for further information.
Scenario A. If you hold an APA with both The Insurance Institute and the LIA, you must complete a total of 15 hours CPD between both designations (1 hour must be in ethics and 1 hour for each product category)
Scenario B. If you hold a CIP with The Insurance Institute and an APA Life with the LIA, you must complete a total of 15 hours between both qualifications (1 hour must be in ethics and 1 hour for each product category). You should record your CPD with the body who holds the most senior qualification – in this case, The Insurance Institute.
Scenario C. If you hold a CIP with The Insurance Institute and a QFA with the LIA, you must complete 15 hours CPD for each designation, i.e. a total of 30 hours. Some of the hours you complete may satisfy the CPD requirement for both bodies, so you can add this to both of your CPD records. If you hold both of these designations, you must record CPD for the CIP with The Insurance Institute and CPD for the QFA with the LIA.
If you are subject to CPD requirements at the time you sit the exam, each successfully completed APA or CIP exam equates to 8 hours of CPD. This will be automatically added to your record once ratified results have been released.
If you wish to maintain your designation during your time abroad, then you must continue to adhere to your CPD requirements and continue your membership with us. Luckily, we have a wide range of CPD e-learning online, which makes holding on to your designation while you're away that bit easier.
If you choose not to maintain your designation and wish to have it reinstated at a later date, you will have to pay a reinstatement fee and will need to complete a block of CPD and/or an exam to do so. If you'd like to discuss your options, please contact our Member Services team on firstname.lastname@example.org or 01 645 6670.
If you do not submit or complete a full CPD return by 31 December contact the Member Services team on email@example.com or 01 645 6670 to discuss the next steps.
Here are some of the ways you might fail to meet your CPD requirement and the possible actions that may result under the Central Bank's MCC:
You forgot to press 'Submit Annual Return' through the CPD compliance system
This applies where a you've completed your annual CPD requirement in full, but did not click the ‘Submit Annual Return’ button. To rectify this, you need to access your online CPD portfolio, and press ‘Submit Annual Return’ by 31 January.
You did not complete all CPD hours by 31 December
In this instance, you must make up the shortfall within a grace period that extends to 31 December of the following year. In practice this means that by 31 December of the following year you must have that year’s CPD and the previous year’s shortfall completed and submitted. If this is the first time you did not complete your CPD on time a warning under the ‘five year shortfall rule’ will be applied to your record and your employer will be informed. If you do not complete your CPD for a second time within a five year period you are at risk of losing your professional designation.
If you are a Qualified or Grandfathered Person and are not providing financial advice during a defined period, you may be entitled to a pro rata reduction in the required number of CPD hours for any given year.
You can request a pro rata adjustment in the following circumstances:
statutory maternity leave
statutory adoption leave
statutory block parental leave
Pro rata adjustments are not granted in the following situations:
holidays (including when taken immediately prior to or following maternity/adoption/parental/carer’s leave)
If you wish to apply for a pro rata adjustment, download and complete the 'application for pro-rata adjustment of CPD hours' form and email it to the Member Services team at firstname.lastname@example.org. We will then be in touch to let you know if your application is approved.