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CPD - Everything You Need To Know Before December 31st

16 Oct 2019, 10:05:37 / by The Insurance Institute

The Insurance Institute

 

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With the CPD submission deadline coming up soon, we've pulled together some answers to your frequently asked questions to help you get ready. For everything you need to know including the benefits of CPD and the most common mistakes to avoid, read on!

Remember! The CPD submission date is 31st December.

What is CPD?

Continuous Professional Development (CPD) involves improving your knowledge and skills on a particular subject over time. CPD allows you to enhance your understanding of your industry on an ongoing basis.

Why do I need to complete CPD?

The Central Bank of Ireland’s Minimum Competency Code, 2017 (MCC) sets out the standards for all persons who provide consumers with financial advice on products or undertake certain specified functions. These standards protect consumers and in turn the reputation of the industry. Anyone working in an accredited role or engaged in a specified function must be compliant with the requirements of the MCC, one of which, includes undertaking relevant CPD each year.

Read more here.
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What are the benefits of CPD?

Continuous learning has a vast array of benefits. In today's fast-paced world, we all need to find a way to stay on top of our field. Continuously educating yourself is the best way to keep yourself clued in and on top of new trends and developments in your industry.

Partaking in CPD will also make you look great to potential employers. Having a knowledge of the insurance industry will make you to stand out in an interview, and help you show that you care about what you do.

How do I complete CPD hours?

As a member with us, you are entitled to attend our face-to-face lectures. We hold two lecture series a year; one in the Spring and another in Autumn. If you can't attend any of our lectures, we also have plenty of e-learning activities available in your member area that you can easily complete throughout the year.

Complete e-learning now!
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What are the most common mistakes made regarding CPD and how do I avoid them?

Mistakes are easy to make. But where possible, we want you to be prepared and help you try to avoid making these blunders. CPD submissions can be a stressful time for our members because it is such an important part of their career. Our Member Services team filled us in on some of the most common mistakes made by our members and how to avoid them. Check their advice out here.

What happens if I miss the submission deadline?

If you've completed your annual CPD requirement in full, but did not click the ‘Submit Annual Return’ button you can rectify this by accessing your online CPD portfolio, and pressing ‘Submit Annual Return’ by 31 January.

If you did not complete your CPD hours by the 31st December, you must make up the shortfall within a grace period that extends to 31 December of the following year. If this is the first time you did not complete your CPD on time, a warning under the ‘five year shortfall rule’ will be applied to your record and your employer will be informed. If you do not complete your CPD for a second time within a five year period you are at risk of losing your professional designation. So it is important to stay on top of things.

If you do not submit or complete a full CPD return by 31 December or have any further questions about your CPD submission for this year, please contact the Member Services team on memberservices@iii.ie or 01 645 6670 to discuss the next steps.

Is this your first time submitting CPD? Take a look at our blog post by one of our team members on dealing with his first CPD year.