Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • May 2019
05

Insurers complete almost double their required CPD training 

Open-access content Thursday 30th May 2019 — updated 5.50pm, Wednesday 29th April 2020

UK insurance professionals completed almost double the minimum amount of Continued Professional Development (CPD) training required by regulators last year.


30 MAY 2019 | CHRIS SEEKINGS
web_trianing_iStock-1094465614.png


That is according to a study by Premium Credit, which found that insurers spent an average of 29 hours in CPD training in 2018, far more than the minimum requirement of 15 hours.

The findings also show that two in three insurance brokers plan to increase training for their staff this year, with a quarter expecting this to rise "significantly".

Moreover, the study found that insurers' average budgets for CPD training spiked by 29% after the Financial Conduct Authority (FCA) updated its minimum requirements last year.

"It is impressive that companies are doing more than double the minimum requirements and plan to invest further this year," Premium Credit director, Adam Morghem, said.  

"There are also tangible commercial benefits to be had too. The cost of this investment can be subsidised by firms taking advantage of accredited free training."

Insurance professionals spent most time studying the laws governing insurance distribution as part of their CPD training last year, followed by accessing customer needs.

The study also found that 58% of insurers expect a rise in CPD training for premium finance over the next two years as credit is increasingly used for insurance.

The FCA said last year that some respondents to a consultation on the Insurance Distribution Directive (IDD) thought that 15 hours of annual CPD training was insufficient.

However, others questioned whether CPD is an effective tool at all, and argued that greater discretion should be given to firms to determine their own training needs.

The FCA said at the time: "The 15 hours of CPD is the minimum requirement of the IDD and therefore must be implemented.

"While we do have the option to go beyond the minimum requirements and implement either more hours of CPD or a mandatory qualification, we do not believe that there is a strong case to do so at this time." 


Sign up to our free newsletter here and receive a weekly roundup of news concerning the actuarial profession


This article appeared in our May 2019 issue of The Actuary .
Click here to view this issue

You may also be interested in...

Dutch insurance giant announces new coal restrictions

Insurance and asset management company Nationale Nederlanden (NN) has today announced that it will stop underwriting firms that derive more than 30% of their revenue from coal extraction.
Thursday 30th May 2019
Open-access content

Pension industry told to grasp responsible investment opportunity

The majority of private investors are now interested in environmental, social and governance (ESG) factors, and many think these are more important than returns.
Friday 31st May 2019
Open-access content

Quality Assurance Scheme

Congratulations to our most recently accredited organisations, Little & Company, Lux Actuaries & Consultants and AIA Thailand.
Wednesday 8th May 2019
Open-access content

2018/2019 CPD year ends 30 June 2019

A reminder to all members in categories 2-6 that the continual professional development (CPD) reporting year will end on 30 June 2019.
Wednesday 8th May 2019
Open-access content
ta

Revised Actuaries' Code and Guidance comes into force

This month the revised Actuaries’ Code comes into force.
Wednesday 8th May 2019
Open-access content

IFoA member survey

We would like to thank all members who took part in our online Member Survey in November 2018.
Wednesday 8th May 2019
Open-access content

Latest from May 2019

2

Significant rise in support for TCFD recorded

The number of companies and organisations supporting the Task Force on Climate-related Financial Disclosures (TCFD) has risen by more than half since last September.
Friday 7th June 2019
Open-access content
2

Financial services stand to gain most from low-carbon transition

The financial sector is set to gain most from creating new sustainable products and services in response to climate change, a groundbreaking international study has revealed.
Tuesday 4th June 2019
Open-access content
2

Number of over-70s in work doubles in 10 years

A record number of people aged over 70 are choosing work instead of retirement in the UK, analysis of data from the Office for National Statistics has uncovered.
Wednesday 29th May 2019
Open-access content

Latest from no_opening_image

TPR publishes coronavirus guidance

The Pensions Regulator (TPR) has published guidance to help UK pension trustees, employers and administrators deal with the financial and regulatory risks posed by coronavirus.
Monday 23rd March 2020
Open-access content
web_p24_cat-and-fish_iStock-483454069.png

Sensitivity analysis: swimming lessons

Silvana Pesenti, Alberto Bettini, Pietro Millossovich and Andreas Tsanakas present their alternative approach to sensitivity analysis
Wednesday 4th March 2020
Open-access content
ta

IFoA adjudication panel: Mr Jack Wicks, student

On 30 October 2019 the Adjudication Panel considered an allegation of misconduct against Mr Jack Wicks (the respondent).
Friday 28th February 2020
Open-access content

Latest from inline_image_missing_alt_text

TPR publishes coronavirus guidance

The Pensions Regulator (TPR) has published guidance to help UK pension trustees, employers and administrators deal with the financial and regulatory risks posed by coronavirus.
Monday 23rd March 2020
Open-access content
2

Bitcoin: In the vaults

Blockchain technology and the trading of bitcoin were introduced in October 2008 in the famous paper by Satoshi Nakamoto.
Wednesday 4th March 2020
Open-access content
web_p24_cat-and-fish_iStock-483454069.png

Sensitivity analysis: swimming lessons

Silvana Pesenti, Alberto Bettini, Pietro Millossovich and Andreas Tsanakas present their alternative approach to sensitivity analysis
Wednesday 4th March 2020
Open-access content

Latest from missing_authorDate_strap_details

TPR publishes coronavirus guidance

The Pensions Regulator (TPR) has published guidance to help UK pension trustees, employers and administrators deal with the financial and regulatory risks posed by coronavirus.
Monday 23rd March 2020
Open-access content
web_p24_cat-and-fish_iStock-483454069.png

Sensitivity analysis: swimming lessons

Silvana Pesenti, Alberto Bettini, Pietro Millossovich and Andreas Tsanakas present their alternative approach to sensitivity analysis
Wednesday 4th March 2020
Open-access content
OCT-2019.jpg

10

October 2019 archive + digital edition
Wednesday 9th October 2019
Open-access content

Latest from inline_local_link

2

COVID-19 forum for actuaries launched

A forum for actuaries has been launched to help the profession come together and learn how best to respond to the deadly coronavirus sweeping the world.
Wednesday 25th March 2020
Open-access content
2

Travel insurers expect record payouts this year

UK travel insurers expect to pay a record £275m to customers this year as coronavirus grounds flights across the world, the Association of British Insurers (ABI) has revealed.
Wednesday 25th March 2020
Open-access content
2

Grim economic forecasts made as countries lockdown

A sharp recession is imminent in the vast majority of developed and emerging economies as the deadly coronavirus forces businesses to shut down across the world.
Tuesday 24th March 2020
Open-access content

Latest from 05

2

Significant rise in support for TCFD recorded

The number of companies and organisations supporting the Task Force on Climate-related Financial Disclosures (TCFD) has risen by more than half since last September.
Friday 7th June 2019
Open-access content
2

Financial services stand to gain most from low-carbon transition

The financial sector is set to gain most from creating new sustainable products and services in response to climate change, a groundbreaking international study has revealed.
Tuesday 4th June 2019
Open-access content
2

Number of over-70s in work doubles in 10 years

A record number of people aged over 70 are choosing work instead of retirement in the UK, analysis of data from the Office for National Statistics has uncovered.
Wednesday 29th May 2019
Open-access content
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Investment Consultant

Scotland / Scotland, Edinburgh / London, England
Up to £70000.00 per annum
Reference
148689

Market Risk Capital Actuary/Quant

London (Central)
£65,000 - £115,000 plus bonus and package
Reference
148688

Experience Analysis Contractor

England
Negotiable
Reference
148687
See all jobs »
 
 
 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ