This definition of CPD reflects the key requirement in relation to CPD set out in the Minimum Competency Requirements that “the content of the CPD hours must be directly relevant to the activities undertaken by the accredited individual”. The word “directly” is important in the context of the definition of CPD. The view of the ACOI is that the requirement relates to the specific technical knowledge underlying the LCOI qualification, and that it does not include wider skills (such as sales influencing skills and time management skills, for example).

CPD needs to be widely spread, to ensure that the holders of recognised qualifications maintain and enhance their knowledge across a range of topics. Consequently, the maximum number of hours that will be awarded for any single day is 8 hours, while the maximum number of hours that will be awarded for any single topic within a day is 4 hours.

The category of specified activity in respect of which the LCOI is recognised under the Minimum Competency Requirements is "acting for or on behalf of a regulated firm in adjudicating on any complaint communicated to that provider by a consumer which relates to advice about a retail financial product given to that consumer or the arranging of a retail financial product for that consumer by an individual acting for or on behalf of that provider". Holders of qualifications which meet the Minimum Competency Requirements for Retail Financial Products may also carry out this activity. On that basis, the ACOI will also recognise for the LCOI CPD requirement events approved for CPD in respect of the QFA designation or in respect of the CIP designation.