May news

Posted May 30, 2018

This update covers:

1. General Data Protection Regulations online course
2. New protection CPD requirements
3. R06 and AF5 expected solution packages
4. Updated privacy policy

1. General Data Protection Regulations online course
he purpose of this course is to provide sufficient knowledge on the rules, regulations and guidance for those working within the regulated financial services sector.

The course covers the EU General Data Protection Regulations (GDPR).

The EU General Data Protection Regulations replaced the Data Protection Act 1998 from 25 May 2018.

The key changes that took legal effect from 25 May 2018 are summarised below:

  • New regulations for obtaining consent to collect Personal Data
  • The age barrier of 13 increased to 16 for data collection
  • A requirement to delete data that is not being used for its original purpose
  • The ability of individuals to revoke their consent to data processing
  • 72 hours to notify breaches to regulators
  • A single national office for complaints
  • Organisations processing large quantities of data must appoint a Data Protection Officer
  • Fines of up to €20,000,000 or 4% of global group annual income

Learning objectives:

By the end of this course, you will:

  • Understand the purpose of GDPR
  • Be able to explain what information falls under the GDPR
  • Have the necessary knowledge to implement GDPR compliant processes
  • Know what is expected of firms in respect of data security
  • Know what rights Data Subjects have under the GDPR

See here for more details.

2. New protection CPD requirements
Under the Insurance Distribution Directive (IDD), advisers selling protection will need 15 hours of CPD a year to meet the directive’s standards.

The 15 hours must be specific to the insurance market, claims handling and conflict of interest management and apply not only to financial planners but also all those involved in selling or transacting on insurance contracts for all types of customer.

The CII have said that although the 15 hours do not need to include structured, unstructured or a particular format of CPD, and count as part of advisers’ existing 35 hour requirement. The 15 hours applies to ALL protection advisers. The product specific knowledge, a specific requirement of the IDD, will have to be covered and recorded appropriately.

Wizard Learning have the 2 modules below and are also included in our Accredited CPD System. The CPD system contains over 300 hours CPD time and can also provide all your annual CPD requirements. Please do contact us if you have any questions or would like to take a free 7 day trial of the system.

R05 Financial protection: Gap Analysis & Assessment Tool
R05 Financial protection: Online Multimedia Course

In the online course there are a total of 50 hours estimated CPD time allocated the first time you take all the end of chapter assessments. You can also download your CPD record to Excel and change the time to reflect your actual time. The Gap assessments have 300 questions so 6 hours CPD is available for completing all the questions. Clearly with the full syllabus in the online course along with the questions there is more than enough material to satisfy your protection CPD requirements.

3. R06 and AF5 expected solution packages
We will be preparing expected solutions for all the R06 and AF5 exams. You can advance purchase access for the next exams now and get access immediately to the other preparation elements, see these links for further information:

R06 The Expected Solution Package

AF5 The Expected Solution Package

4. Updated privacy policy
GDPR is here. Wizard Learning is committed to ensuring that we look after your data and, in light of the new General Data Protection Regulation (GDPR) rules, we've updated our privacy policy to reflect this.

We want you to know why we collect your data, what we do with it, and what control you have over this - as a valued customer, we want you to be clear on your rights over your data, so that you can be reassured that it's in safe hands.

Please take a few minutes to read over our new privacy policy.

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