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 acknowledges this expectation by providing members with quality CPD via web based sessions. We set a professional standard through our Code of Professional Conduct and our 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 about 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.
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.
Individual members who are Financial Advisers (FAs) need to undertake a minimum of 15 CPD hours annually, which is the minimum applicable for PQIB, CIB and CQIB Professional Status. Those who are not FAs can be awarded the PIA Professional Status which requires a minimum of 10 CPD hours per year.
In addition to CPD requirements, additional criteria apply to the PIA, PQIB, CIB and CQIB Professional Status levels. Full details can be found here.
The IBANZ Guidelines for CPD have recently been reviewed, bringing them into alignment with current regulations. The updated guidelines are available here.
An IBANZ CPD Rating Request Form is available for Members and training organisations to have programs approved as valid structured CPD and recorded on their CPD Plan.