CPD for the LCOI Designation
The role of the LCOI CPD scheme is to:
• Keep the PDC qualification up to date, and
• Ensure (on an ongoing basis) that those who qualified in the past are at least as knowledgeable as those qualifying today.
The Central Bank’s Minimum Competency Code reflects this role, by requiring the content of CPD to be directly relevant to the functions of the qualified person. In the case of the LCOI, the relevant function is:
• Adjudicating on complaints relating to advice about retail financial products.
It is clear that the knowledge requirements for this specified function span both the syllabus of the Professional Diploma in Compliance (PDC) and the competencies as set out in the Minimum Competency Code for advising on/selling retail financial products.
Therefore, ACOI has decided that CPD directly relevant to LCOIs includes both:
(i) Technical knowledge related to the PDC syllabus, and
(ii) Technical knowledge related to the competencies as set out in the Central Banks’ Minimum Competency Code.
The LCOI CPD scheme will therefore span ACOIs own CPD events and those provided or recognised for the QFA and CIP by the Institute of Bankers, LIA and the Insurance Institute of Ireland. The MyCPD website will also provide relevant, online CPD courses for LCOIs.
Each LCOI should endeavour to choose a mix of events broadly appropriate to his/her role.
LCOIs must complete at least one hour of CPD each year which relates to Ethics.
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 PDC qualification or the competencies as set out in the Minimum Competency Code, 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 (accredited) to events/activities is as follows:
• any single event/activity/topic - 4 hours
• any single tested online course/module - 2 hours
• any single examination module (must be a minimum of 3 ECTS credits on a programme leading to a qualification at level 6 or above on the National Framework of Qualifications and CPD credit is awarded in the year the examination is passed) – 8 hours