Members must complete at least 15 hours of CPD activities in total, of which 5 hours must be obtained at 'external events'.
Your Professional Skills Training (PST) requirements are reflected in the Scheme. Depending on your background, you may be required to complete either Stage 2 or 3 of the PST. Please refer to the Scheme for full details. All time engaged in PST activities may be counted towards your overall CPD requirement.
Beyond that, you are free to determine the appropriate mix of activities for your own learning needs.
The only stipulation within the Scheme is that learning activities:
- are relevant to your work or role; and
- address a personal development need.
This two stage test comprises the definition of CPD within the Scheme, in relation to both technical and professional skills requirements.
If you have any questions please contact email@example.com
Category 2 - Definition
All Fellows and Associates of the IFoA who do not hold a practising certificate on 1 July 2019 and who have not been classified as retired by the IFoA are Category 2 members for the purposes of this Scheme.
The Category 2 CPD year runs from 1 July 2019 to 30 June 2020. Category 2 members’ obligations under the Scheme shall have effect from 1 July following their transfer to Fellow or Associate.
Category 2 members must complete at least 15 hours of CPD in the course of the CPD year.
Of those 15 hours a minimum of 5 hours must be obtained at an external event.
The balance of Category 2 members’ minimum requirement may be gained through such other activities as the individual member deems appropriate taking into account their work or role and their personal development needs.
Category 2 members must also complete one of the following Professional Skills Training (PST) stages in each CPD year:
- Stage 3 Professional Skills for Experienced Members (or read CPD Scheme Schedule 3)
Most fully regulated Fellows and Associates will have completed Stage 2 of the PST before reaching Category 2 and will therefore be required to undertake Stage 3 each year.
- Stage 2 Professional Skills Course (or read CPD Scheme Schedule 2)
Category 2 members who have not yet completed Stage 2 of the PST must do so within one year of transferring to the category of Fellow. Members will progress to Stage 3 of the PST in the following CPD year.
Time spent completing the relevant PST requirement may be counted towards the overall 15 hours requirement.
Category 2 members must record their CPD activities, and any learning outcomes corresponding to private study activities, for the CPD year in their on-line CPD record by 31 July 2020.
Category 2 members who fail to record their CPD by the deadline will be granted an extension to 30 September 2020, upon making payment of an administration fee.
Evidence of CPD
Category 2 members must retain evidence of their participation in the activities listed in their on-line CPD record for a period of two years from the date of the event and must produce that evidence to the IFoA upon request.
For the purposes of the Scheme, a relevant learning outcome shall constitute evidence of private study.
Category 2 members working overseas
Category 2 members may elect to satisfy the requirements of this Scheme by complying with one of the recognised International Actuarial Association (IAA) bodies’ CPD Schemes (listed in Schedule 5 to the Scheme).
Members who choose to comply with another IAA body’s CPD requirements must complete the relevant Category 2 PST component in each CPD year, as set out at section 4.6 of the Scheme.
Category 2 members who fail to inform the Membership team of their decision to comply with an IAA body’s Scheme by the 31 July 2020 deadline will be granted an extension to 30 September 2020, upon making payment of an administration fee.
Category 2 members who elect to comply with one of the IAA bodies’ schemes must retain evidence of their compliance:
- with the chosen IAA scheme; and
- with the relevant PST requirement,
for a period of at least two years from the date of each event and must produce that evidence to the IFoA upon request.
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The International Accounting Standards Board (IASB) recently published an Exposure Draft (ED) of limited changes to its insurance contracts standard IFRS 17, effective date 2022.
The IFoA hosts regular roundtable meetings with the PRA on best practice in insurance investment and the application of the Prudent Person Principle, which governs insurance investment under Solvency II.
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The Institute and Faculty of Actuaries is running a sessional meeting on autonomous vehicles on 28th October. The session will showcase the work of the IFoA “Autonomous Vehicles” working party alongside a number of expert external presenters.
The Life Conference is the premier event for professionals interested in life insurance. Offering a wide range of workshops and plenary sessions it’s the perfect opportunity to discover what’s hot and current in life insurance ensuring you get up to date on the latest thinking and innovation whilst meeting and exchanging ideas with a broad range of professionals.
The IFoA is pleased to announce that this year’s Autumn Lecture will feature the Rt Hon Nicky Morgan MP as its guest speaker. Nicky has previously served as Financial Secretary to the Treasury and Minister for Women. She now chairs the Treasury Select Committee whose remit is to examine the expenditure, administration and policy of HM Treasury, along with all of its agencies and associated bodies.
Watch the live stream of this year's Autumn Lecture with guest speaker Rt Hon Nicky Morgan MP.