Continuing Professional Development for LCOI Members
Who administers the LCOI CPD programme?
The CPD programme for the LCOI designation is administered by the Institute of Bankers on behalf of ACOI.
How do I complete my CPD requirement?
CPD requirements are in a three-year rotational cycle. The requirement for the cycle 2007 - 2009 is 60 hours of CPD, at least 40 of which must be formal. A minimum requirement of 15 hours, at least 10 of which must be formal, applies each year. Please note however, that the minimum annual requirements do not add up to overall cycle requirements. The balance of 20 hours may be wholly comprised of either formal or informal activities, or it may comprise a mix of both formal and informal activities.
What is the difference between formal and informal training?
Formal training can be defined as attendance at professional meetings or courses. It generally means 'active' participation in something. Approved online courses which are tested, such as MyCPD.ie, also count for CPD hours. Informal training covers other activities that contribute to professional development. Informal hours normally consist of general reading and research.
Is all CPD run by the Institute of Bankers?
Each year the Approved List of Events and Activities outlines all courses that we know of that will qualify for CPD hours. Many of these courses are run by the Institute of Bankers, the ACOI, the LIA and other professional bodies. Also some in-house training may qualify for CPD hours. These courses will not be listed in the Approved List of Events and Activities for reasons of confidentiality.
How do I register for CPD seminars?
To register for CPD seminars run by the Institute of Bankers please fill out and return your registration form. If you have not received a registration form or have any other queries please contact cpd@bankers.ie
I read in the guidelines for CPD that reading and assimilating the annual QFA update manual counts for four formal hours of CPD. Where can I get this?
The QFA Board publishes an "Annual Update" of changes relevant to Financial Advice. Currently, full reading and assimilation of the contents of this document counts for four hours formal CPD annually for all LCOI Members. - This document is available to download below;
I have previously taken Institute courses that are on the Approved List of Events. Do these satisfy my CPD hours?
Only courses which take place in this calendar year qualify for CPD hours this year. Previous completion of other courses do not affect your CPD requirements.
How are CPD hours monitored?
CPD is self-certified. Each year every LCOI Member advises us of the hours that they have completed by submitting the Annual Return Form by 31 January. Approximately 15% of LCOI Members are then audited and asked to produce further records of their CPD activities. Spot-checks are predominantly random and so an individual may be subject of a spot-check on any number of occasions (successive or intermittent) and must comply by furnishing the administrator with appropriate records / proof of CPD completed during the previous calendar year.
I am taking a career break/ parental leave this year. How will that affect my CPD hours?
There is no pro rata adjustment for those on career break. Those on parental leave, long-term sick leave or any other statutory leave for a period of over four weeks can apply for a pro rata adjustment. Just download the form from the downloads section on the left and return it to the CPD department with your dates of leave and include supporting documentation.
I am on long-term career leave and not working as a specified accredited individual, what options are open to me?
LCOI members who choose to take a career break will not incur any adjustment in requirements and will be required to participate fully in the CPD programme.
The online CPD website (www.mycpd.ie
) currently offers 9 modules with a potential of 13.5 hours formal CPD to be earned. The number of online modules and formal CPD hours available is expected to grow continuously over the coming months and years, and the existing modules will be continuously updated and may be re-taken by LCOI members (after a certain period of time) to earn ‘new' CPD hours. This, coupled with reading and assimilating The QFA Board's Annual Update (which allows all LCOI members earn four hours formal CPD each year), should make it possible for a LCOI member to participate in the CPD programme no matter where in the world they are, or what they're doing.
The second line of the answer “The online CPD website (www.mycpd.ie) currently offers 9 modules with a potential of 13.5 hours formal CPD to be earned.” should be replaced with “The online CPD website (www.mycpd.ie) currently offers 21 modules each of which leads to certification for 2 formal hours.”
Can I carry 'surplus' hours from one year to the next?
Within a three-year cycle the answer is yes... any surplus hours over and above the minimum annual requirement all go towards achieving your overall three-year requirement. However you may not carry hours from one three-year cycle into the next. In addition, carrying surplus hours from one year to the next does not change your requirement to complete at least 15 hrs CPD every year (e.g. if you had 60 hrs in yr 1 of the cycle you would still have to complete the minimum of 15 hrs in yr 2 and yr 3 of the cycle).
I don't have access to in-house training... how can I make up the formal hours?
You can make up formal hours through MyCPD.ie
MyCPD.ie is the online CPD portal developed jointly by the Institute of Bankers and LIA for LCOI Members to obtain formal CPD hours. There are currently 21 online courses available. The courses are:
- Introduction to Mifid
- Securities & Markets
- Collective Investment Schemes
- Succession and Estate Planning
- 3rd AML
- Financial Services Ombudsman (FSO)
- Regulation of Financial Service Providers
- Financial Mathematics
- Ethics in Financial Services
- Small Self-Administered Pension Schemes (SSAPs)
- Housing Loans
- Consumer Credit
- Life Assurance Underwriting
- Credit Lending
- Risk and the General Insurance Market
- General Insurance Products & Services
- Household Insurance
- Motor Insurance
- Liability Insurance
- Conduct of Business Rules
- Protection Needs
MyCPD.ie offers LCOI Members a self-paced, user-driven and convenient method of learning. The modules can be accessed at any time and in any order. Each of the current modules leads to certification for 2 formal hour's for 2009 CPD after successful completion of a short multiple choice test. You should choose those courses that are directly relevant to your role.
You will also receive the QFA Board's Annual Update document, and you can earn 4 hours formal CPD credit for reading and assimilation of this alone.
In addition, as an LCOI Member you will automatically be notified of any events running in your area.
If you are a member of any other professional association, events or activities run by them may also count (e.g. IIPM, IBA, PIBA, CPA, Institute of Chartered Accountants, Institute of Actuaries etc.).
If you are pursuing a further education programme, this too could count (e.g. Pensions Diploma, ACII, Financial Services Certificate etc.)
In addition, the Institute issues from time to time a list of events and activities recently approved for formal CPD hours. This may prompt you to attend something you hadn't heard about, or you may see something on the list that you were planning to attend but didn't realise it would count.
I work outside of Dublin, how can I be expected to get to events on a regular basis?
- The Institute of Bankers runs seminars around Ireland and will advise LCOI Members through the Spring and Autumn Seminar Brochures.
- MyCPD.ie currently has 9 online courses each counting for 1.5 hours CPD. You should choose those that are directly related to your role.
- The Approved List of Activities and Events details events approved for CPD hours in various counties around Ireland.
- Don't forget, reading and assimilation of the QFA Board's Annual Update document will earn you 4 hours formal CPD credit each year.
- You could also look into becoming a member of another professional association that could give you access to events or activities in your area.
- See if there are any relevant courses being run at your local college or university, or if there is any relevant course you can do by correspondence.
What are the personal record sheets for (located at the back of the CPD Guidelines booklet and on the Download page)?
Each individual is responsible for keeping his/ her own records in relation to CPD undertaken. The Institute has produced record sheets to assist you in this task. It is essential to keep personal records, as you will be required to present original versions of them should you be the subject of a spot-check at any stage. The administrators reserve the right to verify the information contained in the records, including the right to contact any of the organisations/ people listed on your personal record sheets. Whilst you may choose to use your own means of keeping records (such as a computer spreadsheet), you must at least incorporate the headings used on the Institute's record sheets. LCOI Members have an online CPD record on the Institute's Student Resource Centre (www.bankers.ie). Each member is strongly advised to use this online tool to help manage their CPD.
How do you know that the information I supply on my Annual Return form is true? Should you not be checking everyone?
This programme (like almost every other CPD programme that exists) is to a large extent based on trust and honesty. It would be physically impossible to follow-up on every member and verify that the information they have supplied is accurate. However, we do randomly spot-check a percentage of all Annual Returns every year. Anyone who is chosen for a spot-check is required to produce original copies of their personal record sheets as verification of the information supplied on their Annual Return form. The Institute reserves the right to contact any of the organisations/people listed on the personal record sheets to verify that an event or activity took place and/or that the person was in attendance.
Evening and breakfast seminars are organised by the Institute of Bankers in a number of centers around the country in Spring/Summer and Autumn/Winter each year. Brochures are posted out to members. The Institute of Bankers Spring/Summer CPD seminars have now ended. Information on the Autumn/Winter CPD seminars will be available to download here in September.