FINANCE CPD 2010 GUIDELINES
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End Time: |
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| Category: |
Finance/Admin
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Member Cost: |
€80.00 |
| Location: |
Nation Wide |
Non Member Cost: |
€100.00 |
| Duration |
4 hours |
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Course Information
Financial Regulator - Minimum Competency Requirements 2006
As most members will be aware in 2006 the Financial Regulator set out Requirements to establish minimum standards across all financial services providers to ensure that consumers received a minimum level of professionalism and expertise from their financial advisers
The requirements applied to individuals who on a professional basis, on behalf of a regulated firm,
• provide advice to consumers on retail financial products
• arrange or offer to arrange retail financial products for consumers, or
• undertake certain specified activities
The main reason that these requirements affected the retail motor industry is that under the heading of Consumer Credit and Associated Insurances – Payment Protection Insurance, which is often included in vehicle finance agreements, is deemed to be a retail financial product.
Minimum Level of Professionalism - To comply with the Financial Regulators Requirements as accredited individuals, an individual must either have a recognised qualification, be eligible for the grandfathering arrangements outlined below or under Transitional arrangements be working towards obtaining a recognised relevant qualification by 1 January 2011.
‘Grandfathering arrangements’ apply to individuals act who have acted as accredited individuals, but who do not hold a recognised qualification – Provided – they carried out the same activity for a period of at least four years in the eight year period 1 January 1999 to 1 January 2007.
New Entrants: After January 2007 any new entrants without a relevant qualification were required to,
• have already undergone a relevant training programme or have obtained part of a relevant recognised qualification for that particular activity
• be working towards obtaining a recognised qualification and to act under the immediate supervision of an accredited individual
In respect of obtaining a relevant qualification a maximum period of 4 years is allowed.
Compliance: A regulated firm is required to certify and retain on file the compliance of all of the individuals acting on their behalf, including the criteria for assessment, e.g. proof of experience or relevant qualification.
CPD requirement – total hours to be completed over a 3 year cycle = 60, of which at least 40 must be formal, balance of 20 hours may be formal or informal. A minimum of 15 hours must be completed in each year of the three year cycle, of which at least 10 must be formal CPD.
CPD: Compliance with the Continuing Professional Development (CPD) outlined above, must have commenced from 1 January 2008 at the latest, and the requirements must be complied with by relevant individuals on a continuing basis.
In this regard at the start of 2010 regulated firms should have a log in respect of each accredited individual employed by the firm who for example commenced the 3 year CPD cycle in January 2008 (the latest accepted date), showing a minimum of 15 formal hours CPD for 2008 and 15 formal hours for 2009 in addition to records of informal CPD hours.
CPD Content:
The content of CPD courses must be directly relevant to the activities undertaken by the accredited individual/grandfathered individuals. Individuals may arrange their own CPD or participate in CPD schemes operated by external professional educational bodies. If arranging your own CPD you must retain records to show that you have satisfied the Financial Regulators requirements (e.g. confirmation of attendance and receipts for courses, sample of relevant course content). Informal CPD hours may include research and reading industry and other relevant material and should also be recorded.
SIMI CPD Courses:
SIMI have, since late 2007, organised and delivered a range of CPD courses. The content of these courses has been specifically designed to be relevant to the activities that are undertaken by accredited individuals in the retail motor industry. In association with Keith Browne of Sion Consulting, SIMI will continue to offer CPD courses in 2010. This year we will offer a range of short formal courses of 4 hours duration and in addition we will also record the attendance of accredited individuals at SIMI seminars, conferences and events where part or all of the content meets the relevant competency requirements.
Maintaining Records
The Financial Regulator reserves the right to check any individual’s compliance with the CPD requirements during the course of an inspection of a regulated firm.
If you have any queries please contact Margaret O’Shea Training Manager at SIMI 01-6761690 or email training@simi.ie
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