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The Actuary The magazine of the Institute & Faculty of Actuaries
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Actuaries to face investigation for failing to complete CPD

Complaints of professional misconduct against 27 actuaries have now been referred, under the Profession’s disciplinary schemes, for investigation by the Disciplinary Investigation Team. The complaints allege failure by the 27 actuaries to comply with the requirements of the Profession’s mandatory Continuing Professional Development (CPD) scheme as set out in the CPD Handbook. They are the first actuaries to face possible disciplinary action as a result of failing to comply with the Profession’s CPD scheme.

Membership and certificates manager Cath Bryson said actuaries need to understand the importance of completing their required CPD hours. “The CPD scheme aims to ensure that all actuaries develop and maintain the professional skills they need and ensures that others can trust that they have done so,” she said.

“The Profession wants actuaries to understand that if they don’t comply, they risk being referred to the disciplinary scheme and there is the potential for a finding of misconduct and the imposition of a disciplinary sanction. A failure to comply with CPD requirements is something that we take very seriously.”

Actuaries currently have to undertake a minimum of 15 hours of CPD a year, depending on their category. The Profession’s professional regulation team completes a monthly audit of Category 1 actuaries (those who hold practising certificates) and have begun an audit of Category 2 actuaries (those who work in one of the areas covered by the specialist application exam syllabuses). The audit will check that information provided by members of the Profession is accurate and verifiable.

Attending sessional meetings, completing a course, preparing and delivering learning to colleagues and preparing material which is published in the public domain are examples of CPD activities. The Profession is also working towards delivering convenient options, including webinars, which enable actuaries to take part in an event from the comfort of their own office.

For more information, please view the CPD Handbook at www.actuaries.org.uk/__data/assets/pdf_file/0007/136195/cpd_handbook.pdf