Continuing Professional Development
Why IBANZ supports CPD
Continuing Professional Development has always been part of being a true professional. Legislation and the introduction of a regulator have reinforced professional standards. The clear expectation, now set out in law, is that insurance brokers have the skills to meet the needs of their clients and must actively work towards maintaining and developing those skills through CPD.
IBANZ with Professional IQ College acknowledges this expectation by providing members with the courses, workshops and qualifications required to undertake quality CPD. We set a professional standard through our Code of Professional Conduct and Constitution to ensure members reach an appropriate standard.
What's in it for the client?
For the client, the regulations provide an assurance of professionalism and a measure of protection against misguided or misinformed advice. Clients are advised of the credentials and the levels of expertise held by the professional they are dealing with, and have confidence that the advice they are receiving is in their best interest.
And for the Broker?
There are several positive benefits to committing to a professional development plan, besides satisfying the Financial Market Authority recommendations.
- Remain up-to-date in a dynamic profession.
- Maintain a competitive advantage for individuals and organisations.
- Career advancement.
Professional IQ College manage, authorise and approve the IBANZ CPD programme on behalf of IBANZ
The IBANZ CPD requirements are designed to reflect those under the Code of Professional Conduct for Financial Advice Services in accordance with the Financial Markets Conduct Act 2013.
Individual members who are Financial Advisers (FAs) need to undertake a minimum of 15 CPD points annually, which is the minimum applicable for QIB and CIB status. Those who are not FAs can continue with the PIB status which requires a minimum of 10 CPD points per year. IBANZ will be reviewing the PIB, QIB and CIB statuses as the safe harbour draws to a close in March 2023.
In addition to CPD requirements additional criteria apply to the PIB, QIB or CIB status. Full details can be found here
The full CPD Guide is available to download.
A rating request form is available for Members and training organisations to have programs approved as valid structured CPD and recorded on their CPD Plan .