CISI introduces mandatory CPD for global membership
The Chartered Institute for Securities & Investment (CISI) is introducing mandatory Continuing Professional Development (CPD) for its global membership.
The new CPD policy, effective 1 April 2017, will apply to all CISI members, both existing and new, working across every financial services specialism included in the professional body’s remit, CISI said in a statement today.
CPD monitoring is part of an advisors ongoing regulatory requirement in the UK, but not all financial jurisdictions enforce it in the same way. But those that use CISI’s exams and are listed as CISI certified financial planners must now complete the required number of CPD hours and in all of the subjects that it deems essential, or risk losing the right to use CISI accreditations.
As a result of the changes existing members who join the CISI prior to 1 April 2017 need to start their CPD year no later than 31st March 2018 in order to meet the new mandatory CPD 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.
35 hours per year
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 Planners. 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 CPD policy is to ensure that CISI members located across 116 countries, will be unified in meeting the same CPD requirements to demonstrate professionalism and competence, CISI said.
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.”
CISI has systems in place to help members register their CPD hours annually. All members receive their own online CPD record, where all their CISI activities are automatically added.
Gary Teper, PLC Director at Charles Stanley said: “We are extremely supportive of CISI’s initiative on the introduction of mandatory Continuing Professional Development across its membership.
“CPD ensures competence over the course of a career and supplements and enhances learning. It will help provide staff with the knowledge, skills and attitudes they need to perform effectively and meet expectations placed on them by all stakeholders.”
CISI, which sets examinations and offers qualifications for those working, or looking to establish a career in, the securities, investment, wealth and financial planning industries, offers its global membership several tools to ensure they have all the opportunities to learn, develop, progress in their careers and meet their CPD requirements.
These include: a choice of over 500 global CISI CPD events annually for members to attend in person; 24 local UK branch network and nine national advisory councils and offices in Dubai, Singapore, Mumbai, Manila and Colombo, Sri Lanka and online training through Professional Refresher modules and IntegrityMatters