7 April 2020
Neil Buckley, Chair of Regulation Board, blogs on some of the issues raised by the IFoA proposals for a new CPD Scheme.
How are the proposals better than the current arrangements?
The current arrangements have meant many members have understandably focused on fulfilling hours, maintaining a record and keeping evidence. I believe we need to change that focus in order to better support members in more meaningful learning.
The focus should be on what members learn. We do not want members to consider that they are taking part in CPD events or activities just to prove they fulfilled the time requirements and can ‘tick the box’.
Instead they should be empowered to select activities and topics that are integral to their role, their professional competence and to their own personal development, irrespective of format or method of learning.
Would reflective practice discussions really make learning more meaningful or would they let those that don’t do CPD off the hook?
Reflective practice is not intended to be easier - the intention is that it should be a more effective learning tool!
The CPD Scheme builds on the requirements of the Actuaries’ Code, namely that all members must carry out work professionally and competently, as well as developing their knowledge and skills in a manner appropriate for their role.
The reflective practice discussions would assist members in considering how their CPD activities can develop their knowledge and skills, by reflecting on the outcomes they are seeking to achieve. This will help members to identify and plan future learning.
Naturally, there has been concern expressed about the proposal to remove the recording requirement. A number of members have expressed a worry that this could lead to a reduction in CPD activities.
I think the proposals could and perhaps should lead to increased participation in CPD. The scheme recognises a broader range of activities, and this could facilitate members in taking part in more learning opportunities.
How would the proposals be perceived by the public and users of actuarial work?
I hope that the scheme would be recognised as a means by which we will enhance the quality of CPD and the quality of actuarial work. It shows that we are being supportive of all our members, recognising their diverse and varied needs.
The public register of members would show those that have ‘non-practising status’ and are therefore exempt from the CPD requirement, which allows the profession to be transparent to the world about who is subject to what requirements.
The proposed scheme reflects the profession’s enthusiasm and commitment to learning and development, and their willingness to be open, which should be welcomed by all.
How would the proposed scheme benefit members?
The scheme would reduce the administrative burden that comes with completing a record online and holding evidence in case of audit.
It should also align more closely with members’ employers’ processes by way of personal development reviews and appraisals.
Preparing for reflective practice discussions should be relatively straightforward. These discussions will also allow the IFoA to better support members and provide assistance to those that need it, to ensure everyone can continue to develop and learn.
IFoA members have until 17 April 2020 to give us their feedback on the proposals for a new continuing professional development (CPD) scheme.
Due to the proposed changes, the 2019/2020 CPD Scheme will be extended for a two month period. All members in categories 2-6 now have until 31 August 2020 to complete their CPD requirements for 2019/2020 CPD reporting year.