Free CPD recording tool and CPD compliance

Posted Feb 04, 2014

This month's news update covers:

1. CPD compliance and the benefits of the Wizard Learning CPD system
2. Free CPD recording tool
3. Structured Products -

1. CPD compliance and the benefits of the Wizard Learning CPD system

What regulatory requirements will you meet by implementing the Wizard Learning CPD system?

Training scheme
A firm might like to have a detailed training scheme outlining the knowledge and competency requirements for each individual role within the firm. It is important to remember that, in addition to the specific rules for financial advisers, there is also a competent employee rule that requires all employees to have sufficient knowledge and skills to fulfil their role within the firm. This is not a mandatory regulatory requirement; it is merely one tool that can be used to help demonstrate that the firm is committed to meeting the training and competency requirements of the regulator.

Training needs analysis
This is a practical way of making sure that the CPD undertaken is both productive and effective. The Wizard Learning system specifically targets CPD areas that comply with regulatory requirements. For each Regulated Financial Planning Diploma topic area, there are questions of varying length designed to test current knowledge and to seek out the gaps in an adviser’s knowledge over all areas of the syllabus and other qualifications. In addition to self-appraisal and supervisory appraisal, this is invaluable in helping to identify specific training needs.

Training plans
Once training needs are assessed, it is suggested that subscribers list the CPD areas that would benefit them most. There is no need to go into great detail - some needs, such as regulatory and legal updates are already presented in the Wizard Learning system each month. Training plans deal with specific knowledge requirements.

Complying with the CPD rules
Wizard Learning presents information at the mandatory level in a structured format. The monthly CPD alone gives an adviser 18 hours of structured relevant CPD. The additional modules, which may be used to address other knowledge gaps, are also structured and the overall the system provides a potential 300 hours of CPD. So there will be no difficulty in obtaining all 35 hours from this one system, assuming that no other activities are carried out or counted.

Demonstrating independence
For firms holding themselves out as independent, a broad range of competencies need to be demonstrated. All types of packaged retail investment product are covered in the topics available, making evidence of independence easy to achieve.

Proving competency when restricted
For firms that offer restricted advice, the FCA are keen to ensure that advisers are not recommending products on the basis that they are merely the best option available from the restricted range decided upon by their firm. Good knowledge across the entire diploma syllabus is still required even for products that the adviser is never likely to arrange. CPD can be used to clearly demonstrate that this is the case.

Recording CPD
Failing to record CPD can cause problems for advisers, especially if their accrediting body asks for CPD evidence in order to produce their Statement of Professional Standing (SPS). This can be avoided by using the Wizard Learning system as it keeps everything in one place, easy to download and easy to share. CPD completed on the system is automatically recorded and external CPD is simple to add to an adviser’s record, making it easier to keep track of the adviser’s progress towards achieving their CPD target.

The system can give an overview of all the CPD undertaken for the purposes of an appraisal or for compliance supervision.

“I would thoroughly recommend using the Wizard Learning CPD system for your entire CPD recording; it is independent of any accrediting body, inexpensive, useful and so flexible that people will actually use it.”

Karen Malin FCII Managing Director of Limited, compliance support provider for financial services advisory firms.

2. Free CPD recording tool

If you have already created a record by registering
In order to record your non Wizard Learning CPD your need to:

1. Login to your record,
2. Click on the CPD certificate link
3. Click on the add external CPD link - an easy to use template will be displayed allowing you to input the following details for each CPD item:

  • Your development need
  • Activity name
  • Learning outcome
  • Reflective statement
  • CPD method
  • CPD type (structured or unstructured)
  • CPD date
  • CPD time.

All your Wizard Learning and external CPD will be stored on our server on a permanent basis. Our flexible CPD recording tool 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.

If you have not already created a record
who does not have an existing record can register to create one and then follow the above instructions, this is a FREE service available to everyone.

If you have previously registered and forgotten your username and/or password the recover password link on the login page can be used.

All your Wizard Learning CPD including any from our CPD system is automatically recorded immediately you complete any assessment.

If you find the CPD recording tool useful please let your colleagues know about it.

3. Structured Products -
Many advisers who use our CPD system which also includes our structured products online course have also benefited from using is the UK’s leading resource for structured products and is free to register and use. The website is maintained to help IFAs research the wide range of structured products available on the market and identify those that are potentially suitable for their clients. With information on currently available structured products, including clear descriptions of the terms, payoff profile and counterparty, along with an archive of past products, details of maturity performance, an extensive library of education material and a range of tools to help advisers manage their clients’ portfolios, is the go to place for all things related to structured products.

Training modules
The costs and contents of all our training modules can be viewed here.


Wizard Learning Ltd

Provider of award winning online training and CPD system for financial advisers and financial services professionals

We are committed to helping you gain higher level qualifications and maintain this knowledge through effective continuous professional development.

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