FPA releases new continuing development guidelines

Newcontinuing professional development (CPD) requirements forFinancial Planning Association(FPA) practitioner members have been announced, involving changes to the CPD point accruement process, some course content and member appraisals.

Under the new policy requirements, CPD hours will be accrued on a three year basis, with the first triennium beginning on July 1, 2003. This replaces the current system where CPD hours were accrued continuously from a member’s date of initial membership.

FPA practitioner members will have to complete 90 CPD points per fixed triennium, as well as between 25 and 35 points per year.

The new policy will also require FPA practitioner members to undertake a performance appraisal process, including the completion of an annual training plan and CPD register. These documents will only be required by the FPA in the event of a CPD audit, which are not expected to begin until July 1, 2004.

From 2003, the FPA will require five of the CPD points to be based on study of professional standards and one point on the study of ethics.

The changes will also mean that workshops will now earn 1.5 points per hour, as opposed to the previous one point.

FPA principal members will also have the opportunity to become authorised assessors of their organisation's CPD training courses if they take part in an ‘Authorised Assessor’ workshop.

FPA education business unit general manager Chris McMillan says the new CPD policy guidelines will equip the financial planning industry to keep up-to-date with industry changes.