It is a regulatory requirement for financial advisers to retain their diploma knowledge. Our accredited CPD system identifies diploma knowledge gaps AND provides the learning material to fill these gaps.

These are the most common questions we are asked about CPD and our accredited CPD system, please do contact us if you have a question related to CPD that is not covered here.

How many hours of structured CPD time can the accredited CPD system offer?
There are over 300 hours of structured CPD time to choose from. Therefore by identifying your weaknesses and gaps there is a vast library of information and assessments to choose from.

The completion of an assessment allocates the estimated CPD time and records that time on our database. You can select a CPD system report for any time period you require and download it to Excel or PDF.

A summary of the CPD time available as per contents mentioned on the accredited CPD system information page:

Accredited CPD system
Monthly CPD update - 1.5 hours per month
Diploma gap analysis assessments: 1,500 questions
Diploma online courses (5 course average 48 hours per course)

Compliance related online courses:
Financial crime
Data protection
Complaints procedures
Adviser professional standards

Specialist online courses:
Workplace pension reform
Structured products

Focus on topics:
Focus on treating customers fairly
Focus on business risk awareness
Focus on investments - Portfolio construction

CPD recording: How does Wizard Learning record my CPD time?
Online courses: By studying each chapter and then taking the end of chapter or end of course assessment this will create an entry on your CPD certificate containing: Your personal details, course name, chapter name, assessment results for each chapter and estimated CPD time for each chapter. The full CPD time is only allocated the first time you completed the assessment, if you take the assessment again you will only receive time for taking the assessment.

Assessment packages or gap analysis assessment tools: In the same way as the online courses completion of an assessment creates an entry on your CPD certificate and allocates an estimated time for completing the assessment

After taking an assessment if you go to the CPD certificate link you can produce a CPD certificate. You can use the controls held within the 4 tabs at the top of the CPD certificate page to customise and filter the information displayed.

Report Type
There are 4 report types available:

  • CPD system report: This is a detailed report for subscribers to our CPD system. This report details and briefly describes the contents of all the CPD completed for the training modules in our CPD system account.
  • Summary Report:  A Summary report contains a summary of all estimated hours by assessment
  • Detailed Report: All assessments are listed complete with date taken and estimated hours
  • User Entered CPD: This report displays details of CPD you have manually entered only.

Date Range
You can then choose the date range to which the report applies.

Filter Training
You can choose to include or exclude specific learning modules from the report.

You can export the information as Excel (both the older xls format, and the xlsx format found in more recent versions of Microsoft Office) or as a PDF that will be readable on most devices. You can also request that the site email you a copy of the certificate or you can also print the reports using the print facility button or the print function in your browser.

For the CPD system report only there is a tick box on this export tab to allow you to include a generic reflective statement & development need statement to each CPD item in your CPD system report. You can modify the statements by exporting to Excel and amending the wording to reflect your personal experience.

Can Wizard Learning record non Wizard Learning CPD?
Yes it can on a separate report if you input your details.

To record your CPD login to your Wizard Learning account, click on the CPD certificate link and then click on the add external CPD link. An easy to use template will be displayed where, for each CPD item, you can input: your development need, activity name, learning outcome, reflective statement, CPD method, CPD type (structured or unstructured), CPD date and CPD time.

All Wizard Learning and external CPD will normally be stored on our server for at least 12 months since you last logged into the website. Our CPD recording system allows you to display and export your CPD over any date range and you can also print or export to excel (xlsx or xls) or PDF.

The non Wizard Learning CPD is on a separate report from the Wizard Learning CPD record.

CPD recording: Do I have to use the CII CPD recording tool?
No. You can use any method to record your CPD, but it must provide all the information required by the CII. All the training in our CPD system is included on a report that provides all the required information that you can then download and send to the CII. You can also record all your external/non Wizard Learning CPD using our website that includes all the required reporting items.

The CII require a CPD record to include:

  • Your learning and development needs
  • The activities you have undertaken
  • Whether the activity was structured or unstructured
  • The hours you have recorded against each activity
  • A reflection of the outcomes achieved.

The CII recommend that you keep any evidence of the activity you have completed, for example, a certificate of attendance, as they may ask to see this if your record is selected for review.

CPD sources: Who can provide training and CPD?
As a training provider we are able to provide training and CPD, having been established in 2003 and over the last decade we have developed a diverse range of online learning materials used by over 15,000 people. The Wizard Learning team includes only the most experienced and highly qualified trainers and authors.

The regulator states:

The prime focus of CPD should be on the relevance of the learning activity to the learning outcome and indicative content to be achieved. This can be from any source: firm, professional body or training provider.

It is for accredited bodies to determine the basis on which they want to check advisers have completed their CPD.

CPD system from Wizard Learning: Who are involved in writing and designing your training?
Wizard Learning has full time staff as well as contracting people. In total we have 7 people that work in the technical team and they hold these qualifications:

  • 4 Chartered Financial Planners (2 who are also Fellows of the PFS)
  • 1 Law degree
  • 1 Advanced Diploma

CPD requirements: What are the minimum CPD requirements
Advisers must complete a minimum of 35 hours of CPD each year of which 21 hours must be structured (courses, lectures, seminars or workshops). Advisers will be able to include some relevant reading as part of their CPD, although the majority will have to be structured.

All CPD has to focus on demonstrable change to improve advisers’ skills and knowledge.

Accredited bodies must undertake a 10% CPD sample check.

Accredited bodies must recognise CPD activity from a range of providers, the regulator has stated:

"Competition would not be encouraged if accredited bodies only regarded their own CPD activity as suitable for meeting requirements. This is an example of the type of possible issue we will seek to monitor as part of our ongoing oversight of the accredited bodies."

CPD submission: Should I submit my CPD record to the CII automatically?
No. You only need to submit your record if the CII requests to see it. Typically they will randomly sample about 10% of members’ records each year to check these have been fully and correctly completed.

Statement of Professional Standing (SPS): What does the SPS cover?
All advisers giving independent or restricted advice must hold a Statement of Professional Standing (SPS). This details evidence they subscribe to a code of ethics, are qualified and have kept their knowledge up to date.

Bodies accredited by the FCA will be responsible for issuing individuals with an SPS and for ensuring that advisers hold an appropriate QCF Level 4 qualification.

If an SPS is removed from an adviser, the FCA could levy a fine on them, suspend them or even decide to remove their approved person status, although it could also agree to an action plan to be undertaken before reinstatement.

FCA monitoring: How does the FCA monitor CPD?
The FCA collects information about individual advisers, such as the qualifications they hold and which accredited body they use. The FCA uses this database to help identify the highest risk individuals.

Firms are obliged to inform the FCA if any of their advisers fall below its competence or ethical standards.