The aim of this article is to provide an overview of some of the CPD Guidelines for the QFA designation. This is not exhaustive, and you should refer to the full guidelines for further detail.
Eligibility
The QFA CPD scheme and designation is awarded to those who successfully complete the Professional Diploma in Financial Advice.
CPD Requirements (summary)
This is a brief summary of the main CPD requirements. You are advised to read the guidelines in full for the detailed scheme rules and requirements.
CPD year runs from 01 January to 31 December. Hours must be completed by 31 December.
Total annual CPD requirement is 15 hours.
At least 1 hour must be relevant to Ethics.
At least 1 hour must be relevant to each of the five product categories (and the Insurance categories if also accredited (APA or grandfathered) in these product categories).
CPD must be directly related to providing advice to retail consumers under the Central Bank’s Minimum Competency Code.
The minimum unit of time recognised and accredited for CPD purposes is half an hour. The maximum number of hours for any single activity is four hours.
All CPD events must be accredited by IOB or LIA or The Insurance Institute (II).
All events must be recorded, and an annual return made by 31 January.
A random sample of members are audited each year.
Cost
To access the CPD content provided by IOB (events, eCPD, etc), you are required to maintain annual IOB Membership (currently €110) and the annual QFA designation fee of €105.
Failure to Comply
Any QFA who:
Fails to make an annual return and/or
Fails to co-operate when audited and/or
Fails to pay their membership fees / designation fees of IOB; and/or
will be deemed to be in breach of the CPD scheme requirements and in breach of one of the primary conditions for holding the QFA designation (See ‘Welcome and Introduction’). This will result in the removal of the QFA designation from the person.
Any QFA who fails to complete the CPD requirement in any given year as set out in Annual CPD Requirements (i.e. fails to complete the required hours, fails to complete one hour for each category of retail financial product in which they are accredited in or fails to complete one hour related to ethics) will, in the first instance, be given a grace period to ‘catch up’ and complete any shortfall in CPD requirements by 31 December of the following CPD year (in addition to the requirements for that CPD year).
A five-year shortfall warning penalty will also be applied to the member’s record i.e., if the member fails to complete the CPD requirements as set out in Annual CPD Requirements in any of the five years following the first failure to comply, the QFA designation will be removed. The five-year shortfall penalty is removed in the event of a member passing an MCC exam post the shortfall warning being applied.
Persons who have their QFA designation removed for non-compliance must be removed from their regulated firm’s Register of Accredited Persons and can only be restored once they are again in compliance with the CPD requirements.
Where a member is found to have made a false or seriously incorrect annual return, this will be considered misconduct by the member and will be referred for consideration under the disciplinary procedure for members, which may lead to expulsion from membership or other sanction. A member found to have made a false or seriously incorrect return of hours may also be permanently excluded from holding the QFA designation.
Persons who lose their QFA designation may not be in a position to advise on or sell certain retail financial products and/or undertake certain specified functions under the Central Bank’s Minimum Competency Code.
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