All members must comply with the requirements set out in Professional Standard 1: Continuing Professional Development (PS1), unless they are exempt.
Members are required to complete 100 points of CPD per calendar year (or 200 points of CPD in aggregate over the previous two years, provided at least 50 points are completed in each year), regardless of practice area or full-time equivalency.
Members working part-time or outside of traditional practice areas must still comply with minimum CPD requirements. CPD activities should, however, be relevant to a member’s current role (which may not be actuarial) and members are advised to exercise their own judgment regarding CPD activities undertaken.
Members are required to maintain a personal record of the points obtained in respect of CPD activities. This record can be any system that is efficient to you (i.e. a handwritten note, an Excel spreadsheet) or members can utilise the CPD dashboard.
Compliance Audits
The Institute undertakes CPD compliance audits from time to time. Auditing is an important process that ensures the profession continues to enjoy the reputation from which all Members benefit.
Members, randomly chosen to participate in an audit, will receive notice in writing either by email or a hard-copy letter to their address registered with the Institute. The notice will include a closing date for receipt of full CPD records and the years being audited. Upon receipt, the records are acknowledged and reviewed.
Members will be contacted should more information be required and, once the process is complete, are advised of the outcome of the audit.
Failure to comply with the CPD requirements set out in PS 1is, or may be, prima facie Actionable Conduct and may lead to penalties under the Institute’s Disciplinary Scheme.
A member determined by Council not to have reasonable grounds for their non-compliance may also be:
- issued a warning letter regarding their non-compliance;
- required to undertake further CPD;
- required to provide quarterly records of their CPD activities for a specified period; and/or
- issued a warning letter noting that they will be audited for compliance and repeated breaches may constitute Actionable Conduct under the Institute’s Disciplinary Scheme.
Non-compliance with any such direction by Council may constitute a further instance of Actionable Conduct under the Institute’s Disciplinary Scheme.
Annual renewal declaration
All members are required to confirm their compliance with (or exemption from) PS1 as part of the annual membership renewal process.