New CPD policy to be based on soft skills
The Financial Planning Association (FPA) has made additions to its continuing professional development (CPD) policy that it hopes will improve levels of professionalism in its members.
The FPA believes the industry education standard, RG146, has limitations. The new policy, which includes six new ‘professional dimensions’, attempts to cater to the soft skills needed to enhance professional practice, according to FPA deputy chief and head of professionalism Deen Sanders.
The new policy comes after a 12-month consultation period with members and stakeholders. The support for the new policy by FPA members is a clear recognition of the limitations of RG146, Sanders said.
“It is also vindication of our view that compliance and technical education alone does not make you a professional.”
According to the FPA, the new CPD policy creates a “broader and more rigorous framework” for FPA members who undertake ongoing professional development to ensure optimal advice is provided to clients.
The new CPD policy aims to cover areas including critical thinking, soft skills such as interpersonal and emotional skills, and self-awareness of personal capacity. Some of the activities that can be undertaken to build these skills will include journaling and skills training.
Other areas that will be included in the new policy include participation in community and pro-bono work (with the aim of instilling confidence in the profession) and ethical and compliance considerations.
The six ‘professional dimensions’ are called capability, ethics and professional conduct, critical thinking, reflective practice, interdependence and attributes and performance.
The FPA believes these actions will encourage a more rounded view of professionalism.
The FPA expects members will ease into the new range of programs over the next few months.
The new policy will be effective from July 1, 2009.
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