With the year-end fast approaching, our CPD members are busy completing their CPD requirements before 31 December. Ruth Gilleran, Senior Administrator from the CPD Department has shared the Top 5 CPD queries for this time of year:
1. How do I make an annual return and by when do I need to make it?
To make an annual return log into My Institute, click on your designation(s) under 'My Designations' and then click on the Annual Return tab where you can then make your annual return. If you hold more than one designation you must make a separate annual return for each designation.
The annual return process is now open. Members must make their annual return by 31 January.
… what happens if members don’t complete their hours by 31 December?
2. What happens if I have a shortfall in hours?
This will depend on your CPD history.
If this is the first time you are short in hours, the hours will be carried to the following year and you will need to complete that year’s requirement as well as the shortfall by 31 December. A 5-year shortfall warning is also applied to your record which means if you are short in hours again in any of the following 5 years, you will lose your designation/CPD membership and be subject to the reinstatement rules as per the CPD guidelines and regulations. You can find the CPD guidelines and regulations here.
If it is your second shortfall in a 5-year period, you will lose your designation/CPD membership and will be put into ‘suspended’ mode until you catch up on the shortfall in hours and pay the reinstatement fee of €100. Suspended members are not included in their firm’s Register of Accredited Persons and are cannot advise/sell under the Central Bank’s Minimum Competency Code (MCC).
We will contact members in February / March who were short in completing their hours.
…and if members are not able to complete their hours by 31 December, should they still make a return?
3. If I do not have enough CPD hours completed should I still make my annual return?
Yes! Even if you are short in hours you are still required to make an annual return. Remember you have until 31 December to complete the hours. We offer a variety of supports to help members complete their CPD, click here for more information.
…what about if a return is made but the member wants to record an additional event to their log, can they submit a new one?
4. I submitted my annual return, but realised my recorded hours are incorrect. Can I make a new annual return?
Yes, the second annual return will overwrite the first annual return. As mentioned, annual returns close on 31 January.
…what happens for members who are on long term sick leave or are on statutory leave?
5. How do I apply for a reduction in CPD hours if I am on long term sick leave or statutory leave?
If you are out of work on long term sick leave (2 months or more) or on statutory leave e.g. maternity leave you can apply for a pro rata/reduction in your CPD requirement. Complete the CPD hours adjustment form which you can download from the CPD Downloads/News tab in the CPD section of My Institute and send it to [email protected].
Do note though that a pro rata/reduction does not apply for short term illness, career break etc.