Continuing Professional Development Scheme 2010/2011

Members pride themselves on their learning, not only at the point of entry to the Profession but throughout their careers. They acknowledge that one quality that marks a profession is the acceptance of a responsibility, in the public interest, to keep competence up-to-date throughout professional life.

Acceptance of that obligation is embodied in the principle, set out in the Actuaries’ Code, that: “Members will keep their competence up-to-date”. The Code also obliges members not to act unless they have an appropriate level of relevant knowledge and skill, or are acting on the advice of someone who has that level of relevant skill and knowledge. It is therefore important to recognise that these obligations fall on all of our members whatever role they perform - whether they are in paid or unpaid work or working full or part time.

The Profession has given practical expression to this obligation by requiring most of its members to undertake a set minimum amount of Continuing Professional Development (CPD). It has also kept the operation of the CPD Scheme under regular review. In the light of recent experience, it has decided to introduce an important change to the Scheme, which will ensure that the great majority of working members are subject to the same minimum requirements. This will address the very real issue that, under the existing regime, a number of members are not required to complete any specific amount of CPD despite holding positions of significant responsibility and influence, in many cases because of their membership of the Profession.

The Profession has therefore redefined the Categories into which members fall for CPD purposes. From 1st July 2010, there will be only two CPD categories: –

•    Category 1: All members holding a UK Practising Certificate; and

•    Category 2: All other members in paid work (with some exceptions which are explained in detail below).

Additionally, changes have been made to ensure that members in the new Category 2 are now better able to complete CPD which is relevant to their specific area of work. Therefore, there is no longer any specific requirement as to the breakdown of hours between technical and professionalism skills for these members. Instead, each must make their own assessment of the type of development which would best suit their area of work. The only requirement is that those members meet the minimum number of hours as specified in Paragraph 3.2 below. We very much hope that this change, particularly when taken with the ability to include some element of private study within the requirements, will also make it easier for our members based in geographical locations outside major UK cities to source relevant CPD.

Any member who, as a result of these changes, moves from Category 3 to Category 2 will be required to attend the Professionalism Event for Experienced Actuaries at least every 10 years. However, as a transitional relaxation this requirement does not need to be met until end June 2013.

You will find full details of all the requirements in the following paragraphs. It is important to note that any failure by a Fellow or Associate to comply with the CPD Scheme may of itself be a ground for referral under the Disciplinary Schemes. Therefore, if you have any questions on any aspect of the Scheme and, in particular, how it affects your own circumstances please do not hesitate to contact the Profession at cpd_feedback@actuaries.org.uk and we will be happy to assist.

In the longer term, we will be considering further, more fundamental changes to the CPD scheme, on which we shall consult our members and independent regulators. For the present, I commend this amended scheme as a modest step forward in ensuring a modern, well-trained actuarial profession.

Sir Philip Mawer, Chairman, Professional Regulation Executive Committee

Full details of the CPD Scheme can be found in Associated Documents to the right of this page.