Advisers and their Firms, are responsible for undertaking their own Continuous Professional Development (CPD) and they
must obtain a Statement of Professional Standing (SPS) in order to continue to practice as Retail Investment Advisers.
Under RDR regulation, Continuing Professional Development (CPD) is the central tenet behind the new emphasis on ongoing
standards and professionalism. Advisers will need to describe their role, establish the relevant CPD objectives for the
year, perform the planned activity to fulfil these objectives and record the evidence, outcomes and benefits of performing
The regulation states that the adviser must complete at least thirty-five hours of CPD each year, even if they work reduced
hours or part of their role is not related to Retail Investment Advice as covered by RDR. Twenty-one hours of the CPD needs
to be 'structured', which means planned with clear objectives, solutions tailored to achieve these objectives, measurable in
effect and having demonstrable benefit.
CPD activity will need to be recorded by the Individual (so they can take it with them wherever they work) and by the Firm
responsible for the compliance of the individual. The CPD will also need to be available to review, assess and verify as
appropriate by the Accredited Body (AB) that the individual has applied to for accreditation and the issuing of a Statement
of Professional Standing (SPS).
CPD should also form part of the wider Training and Competency framework of regulated bodies and be at the core of individuals’
T&C records. Redland's Insight TC supplies a central place to store all the necessary information enabling the individual
and firm to manage the development needs and objectives of the individual and to produce evidence of CPD activity and SPS submission
information as required by the Accredited Body.
Effective CPD creates effective advisers, drives professionalism in the industry and provides reassurance to customers.
Read articles written by our directors and published in TC News Magazine about the changing regulation.