The Financial Conduct Authority (FCA) requires all financial advisors to undertake 35 hours minimum on continuing professional development (CPD). Any person that provides financial advice including mortgage advice, and bridging finance advice that is subject to FCA regulations needs to provide proof of their CPD activities.
CPD points are given for attending workshops, seminars, conferences, training courses, and lectures. Training hours can include online seminars and e-learning courses. Some financial industry exhibitions also qualify for CPD time.
The FCA requires that all activities for CPP are measurable and can be verified by an independent body.
The FCA requires that a report is made for all advisors that identifies gaps in the their knowledge and how they will obtain knowledge in these areas. The report must outline what activities are going to be undertaken to qualify for the CPD hours and how these hours will improve their knowledge.
After completing the minimum of 35 hours’ CPD, advisors must confirm that the desired outcomes have been met. If they have taken a course that includes a knowledge test, their test scores must be submitted to the FCA.
If you talk to an advisor at a bridging finance broker that is regulated by the FCA, the CPD requirements ensure that the advisor is up to date with the latest developments within the bridging finance sector, and is in a position to provide expert informed advice about applying for and using a bridging loan.