We are consulting on a proposed new continuing professional development (CPD) scheme, which is intended to make IFoA requirements easier to fulfil and to reinforce the role and focus of CPD around meaningful ongoing professional development and learning.
The proposals have been produced in response to member feedback on the existing CPD scheme.
The simplified requirements apply to all members, regardless of membership category (with an exemption for non-practising members and students).
The new approach will be more flexible in recognising a greater range of activities, allowing members to participate in more varied opportunities, learning about subjects relevant to their current or future role.
Recording and evidencing activities will no longer be required and non-compliance won’t lead to disciplinary action (except in cases where the Actuaries’ Code has been clearly breached).
Instead, the IFoA will focus on supporting members in their professional development in a reflective practice discussion. Learning needs and the outcomes of activities will be talked over, and suggestions made as to how members might continue to progress.
Ben Kemp, IFoA General Counsel, said:
“After a lot of work looking at different approaches to CPD requirements across different professions, and obtaining members’ feedback, I think we’ve developed a strong proposal for a revised scheme and I look forward to hearing what members make of it.
“We understand that many members will want to continue to record their development activities on the IFoA website and we will accommodate that. And we also know that there will be some doubts and trepidation.
“But we want to re-focus IFoA CPD on the benefits it can bring for our members’ careers and we want to encourage members to take advantage of all kinds of learning opportunities – whoever the provider, whatever the form – to develop their professional capabilities.
The proposed new approach is intended to help support IFOA members to remain relevant in the ever-evolving, varied and dynamic sectors in which they work, and to underpin our shared commitment to the quality and professionalism for which they are, rightly, renowned.”