iob Wealth Management Professional WMP Datasheet

iob Wealth Management Professional WMP Datasheet

Welcome and Introduction

Welcome to the CPD Guidelines & Regulations for Wealth Management Professionals (WMPs).
This professional designation is awarded on successful completion of the Professional Diploma in Wealth Management. The award and designation provide a clear career pathway to holders of the QFA or APA (Pensions) who wish to develop their career in the rapidly expanding specialism of Wealth Management. Designation holders will possess the leading Wealth Management professional designation, based on an award from Ireland’s leading university and exclusive to IOB members.
This is an important document which sets out the CPD scheme requirements and regulations. You are advised to read this document thoroughly and retain it for reference during the CPD year. These guidelines are valid for the current CPD year and are subject to a yearly review.

Every CPD Member is obliged to:

• Fully participate in the CPD scheme and comply with all requirements, and
• Maintain professional membership of IOB.

Any breach of either one or both of these conditions will result in removal of the member from the CPD scheme.
Eligibility for Membership of the WMP CPD Scheme

The WMP CPD scheme is open to persons accredited by:
APA (Pensions) or a QFA Designate

And

• Award of the Professional Diploma in Wealth Management (L8)
  or

• Award of an equivalent programme with similar syllabus at a minimum of Level 8 on the NFQ (please contact us at info@iob.ie for further information).

Designation
Members of the scheme are entitled to use the designation Wealth Management Professional.
Please note this designation does not meet your MCC obligations for your APA in Pensions and should be held in addition to your APA in Pensions.

Summary of CPD Requirements

This is a brief summary of the main CPD requirements. You are advised to read this document in full for the detailed scheme rules and requirements.

• CPD year runs from 01 January to 31 December. Hours must be completed by 31 December.
• Total annual CPD requirement is 6 hours.
• At least 1 hour must be relevant to Ethics.
• At least 3 hours must be completed via IOB provided events and or IOB online modules. These are deemed to be Wealth Management Professional specialist content.
• The minimum unit of time recognised and accredited for CPD purposes is half an hour. The maximum number of hours for any single activity is three hours.
• All CPD events must be accredited by IOB.
• All events must be recorded, and an annual return made by 31 January.
• A random sample of members are audited each year.

Purpose of the CPD Member Scheme
The purpose of the CPD Member scheme is to keep recognised qualifications/modules current and to ensure that those who qualified in the past are as knowledgeable as those qualifying today.

Administration of the CPD Member Scheme
Administration of the CPD scheme is carried out by the CPD Administration staff of IOB.

Continuing Professional Development (CPD) – General Definition
The Professional Associations Research Network in the UK carried out an extensive research project into CPD and in the process devised the following comprehensive definition:
“CPD is any process or activity of a planned nature, that provides added value to the capability of the professional through the increase in knowledge skills and personal qualities necessary for the execution of professional and technical duties, often termed competence. It is a life-long tool that benefits the professional, client, employer, professional association and society and is particularly relevant during periods of rapid technological and occupational change.”

Benefits of CPD

YOU
There can be no doubt that the principal beneficiary of CPD participation is you. Your involvement should ultimately help you both in your career and personally. CPD should help you to:

• Update your skills and knowledge on existing and new areas of business
• Build client trust and confidence
• Expand and hone your skills
• Build self-confidence and conviction
• Remain competitive
• Raise your personal profile through networking and make you more ‘marketable’ to your existing and/or future employers
• Gain a broader view.

YOUR CLIENTS
Your participation in the CPD scheme also benefits your clients, who will be reassured that you are a qualified, well-informed person maintaining your knowledge and skills by keeping in touch with ongoing developments in your business.

YOUR EMPLOYER
Your employer or company benefits from your participation, as you are likely to be more efficient and productive, which can give them a competitive edge.

THE FINANCIAL SERVICES INDUSTRY
This scheme helps to establish minimum standards across the industry.

THE PROFESSIONAL BODY
The CPD scheme adds credibility to the professional bodies of which you are a member, namely, IOB.

Annual CPD Requirements

• Every WMP designate is obliged to complete the same amount of CPD hours, irrespective of the area of business or the industry in which they are employed.
• The annual requirement is 6 hours (unless additional shortfall (‘catch-up’) hours are required, or a pro rata adjustment has been applied).
• Three of the six hours of CPD must be completed via IOB provided events and or IOB online modules that are classified as “Wealth Management specialist content”.
• WMPs must also complete at least one hour of CPD each year which relates to ethics.

The Wealth Management Professional CPD scheme is essentially self-certifying and there will be no compulsory testing of knowledge/learning by IOB.
A sample of members will be selected for audit of their CPD hours each year (See ‘Audit’).

CPD Year
The CPD year runs from 1 January – 31 December each year i.e., hours must be completed in the calendar year. While the closing date for making an annual return, each year is 31 January (See ‘Annual Returns’), CPD hours must be completed by 31 December. Hours completed in January count for that CPD year and cannot be counted for the previous CPD year.

Monthly Average
With 6 hours to be completed each year, members should aim to complete approximately 0.5 hours each month. This is a recommendation rather than a requirement.

Surplus Hours
Any surplus accumulated in one year will not be carried into the following year(s).

Definition of CPD for the CPD Member Scheme

CPD can be defined as ‘active’ participation in an activity, the subject matter of which meets the criteria (See ‘Criteria in Relation to Awarding CPD Credit’) for awarding CPD credit and includes attendance at seminars/training events, workshops, conferences, tested eLearning courses/modules, courses, and other events of equivalent standing.
CPD does not necessarily mean attendance at external seminars – relevant in- house training (including product training) and approved tested online training may also earn credit provided it meets the above criteria.
General reading and research will not count for CPD hours.

Criteria in Relation to Awarding CPD Credit
CPD needs to be widely spread, to ensure that the holders of recognised qualifications maintain and enhance their knowledge across a range of topics. See examples of CPD spread and duplicate events in ‘Examples of CPD’.

All courses/seminars/online training must meet the following criteria in order to count towards CPD:

• Course presenters must have qualifications and/or knowledge and experience appropriate to the subject(s) being presented.
• The presentation must be conducted in an appropriate location (i.e., proper conference/business / in-house facility).
• The presentation/course must be at least a half hour in duration.
• If electronically delivered, the event/activity must meet the criteria described in ‘Award of CPD Hours to Electronically Delivered Events and Activities’.
• The material or content must be relevant to the Professional Diploma in Wealth Management syllabus i.e., relate to the subject matter in:
• Retirement and Advice Planning
• Investment Products and Analysis of Client Needs

Minimum & Maximum Duration – CPD Hours 

• The minimum unit of time recognised and accredited for CPD purposes is a half hour.
• The maximum number of hours that will be accredited for any single event/activity/topic is three hours.
• The maximum number of hours that will be accredited for any single online course/module is two hours.
• The maximum number of hours that will be accredited for any single exam module (must be a minimum of 3 ECTS credits on a programme leading to a qualification at level 7 or above on the National Framework of Qualifications and CPD credit is awarded in the year the exam is passed) is three hours but will not be awarded against category requirements.
• The maximum number of hours that will be accredited for any single IOB exam module (must be a minimum of 3 ECTS credits on a programme leading to a qualification at level 7 or above on the National Framework of Qualifications and CPD credit is awarded in the year the exam is passed) is three hours and will be awarded against specialist category requirements where relevant to the Wealth Management Professional designation.

This is to ensure that CPD members achieve their CPD hours and enhance their knowledge across a range of topics rather than just one or two.
Time spent actively involved in a CPD activity will count and can include question and answer time, case studies and tests/exams etc. Time spent travelling to an event, registration time, coffee/lunch breaks, social time etc. will not count.

Accreditation of Events for CPD Hours

All CPD hours must be accredited by IOB in respect of the WMP CPD scheme and will do so in accordance with the principles and criteria set out in ‘Accreditation of Events for CPD Hours’, ‘Criteria in Relation to Awarding CPD Credit’, ‘Minimum & Maximum Duration – CPD Hours’ and ‘Award of CPD Hours to Electronically Delivered Events and Activities’.
Event providers companies/bodies/members applying for CPD hours for events should submit an online CPD Accreditation Request at iob.ie/cpdaccreditations

In the case of companies organising relevant in-company events/training for their own staff, it is recommended that one contact person in each company submits all requests for accreditation on behalf of their staff. Members should check with their training department/intranet site for further information on their company accreditation procedures prior to submitting any application.

Members are required to attend for the full duration of an event in order to claim the CPD hours approved for that event. Where a member has not attended for the full duration, they are required to submit a new application for reduced hours. Evidence of attendance is required in the event of a CPD audit e.g., certificate of attendance, attendance sheet etc. IOB reserves the right to contact the event provider to verify attendance for the full or part duration.

Companies/bodies organising events for CPD purposes and applying for hours must submit a new application for reduced hours where members do not attend for the full duration. Event providers applying for CPD hours must hold records of attendance e.g., certificate of attendance, attendance sheet etc., in the event attendees are selected for audit and confirmation of full/part attendance is required.

It is the responsibility of event providers to clearly advise attendees (in advance of the event) the accreditation number(s) allocated to the event by IOB, as well as the number of CPD hours applicable and the categories of CPD the hours awarded relate to. This should also be announced/indicated to attendees at the beginning/end of the event.

Events accredited for CPD hours run by IOB, and the eCPD modules will be accredited for CPD hours by category automatically recorded in the CPD Member’s Online CPD Record on successful completion of relevant modules.

All CPD events, courses and training etc. are accredited for one CPD year only and must be re-accredited in each CPD year.

Award of CPD Hours to Electronically Delivered Events and Activities
In considering whether or not to grant CPD hours to eLearning courses and other electronically delivered events and activities, the relevance of their content is evaluated in the same way as other activities and events. In order to assess the level of active involvement required of its participants, IOB also carefully examines the learning approach and structure of electronically delivered events and activities. In this regard, to be awarded CPD hours:

Each eLearning course or module must:

1. Be generally well-designed (e.g., divided into individual lessons or units of reasonable length, require little or no scrolling within pages, be easy to read and navigate).
2. Be highly interactive, requiring regular interaction between the course and the learner (through frequent exercises, questions, questions, links to websites or feedback etc.).
3. Incorporate a reasonable diversity of delivery approaches and/or media (e.g., appropriate combinations of text/slides, animation, pop-up pages, audio or video, attachments etc.).
4. Ensure that the module is designed so that individuals cannot bypass the learning material and go straight to the test.
5. Ensure that individuals spend a comparable amount of time completing a module as the accreditation awarded for the module i.e., if a module is accredited for two hours, then the module should take an individual two hours to complete, inclusive of the test.
6. Include computer-based testing to provide evidence that a learner has assimilated the knowledge and skills contained in the course (the question bank should contain a greater number of questions than the test in the event that a person fails
   the test and has to re-sit to ensure that a predominantly different set of questions is presented in a re-sit test). Please see the following matrix as a guide:** Duration of Module| 2 hours| 1 .5 hour| 1 hour| ½ hour**
   ---|---|---|---|---
   Number of Questions Required in Bank of

Questions (Minimum)

| 48| 36| 24| 12
Number of Questions Required in Test/Exam

(Minimum)

| 24| 18| 12| 6
Pass Rate (Minimum)| 16| 12| 8| 4
7. A minimum pass rate of 65% or over is recommended: –

1. Be capable of providing appropriate confirmation that the learner has successfully completed the test.

2. Include a minimum of a half hour of relevant learning (including tests).

3. A maximum of two hours may be awarded to each eLearning module.
   Events delivered using Web Casting and Web/Tele-Conferencing and similar technologies must:

4. Be transmitted ‘live’ (to allow for interaction between learner and presenter). Presentations which are not viewed/attended ‘live’ will only be accredited for CPD hours where they include a test that meets the criteria in point 6 and 7 above.

5. Be generally well-designed and create a productive learning experience (e.g., participants must be able to hear and/or see the presenter(s), while simultaneously viewing the presenters’ materials (e.g., slides or simulations)).

6. Provide opportunities for all participants to put questions (verbal or written) to and engage in discussions with presenters during the event (unless recorded).

7. Provide a means for course organisers to verify those participating at each venue (to include verification that the participant attended for the full duration e.g., log-in and log-out confirmation).

8. Include provision of electronic or hard-copy confirmation of attendance for the full duration to participants.

9. Include a minimum of a half hour of relevant learning.

Examples of CPD
Some general examples of activities normally expected to come within the definition of CPD are given below. Members are required to seek accreditation (See ‘Accreditation of Events for CPD Hours’) of all external CPD hours.

• Relevant in-house training programmes
• Relevant seminars/events/eCPD run by IOB
• Relevant seminars of other professional bodies
• Relevant online training courses and must include a test to confirm learning (e.g., those approved for eLearning). A maximum of two hours is accredited for any single online course/module. See ‘Award of CPD Hours to Electronically Delivered Events and Activities’.
• Relevant exams of other professional bodies or other academic exams. (Must be a minimum of 3 ECTS credits on a programme leading to a qualification at level 7 or above on the National Framework of Qualifications). Hours are awarded on successful completion of exam in the year the exam is passed – no hours for study or exam preparation.
• Seminars, webinars, conferences related to:
  • Pension Products – Individual / Self Employed / State
  • Post Retirement Products
  • Pension Regulation / Legislation
  • State Pensions
  • Pensions Background and History
  • Pensions Reform
  • Taxation
  • Investment Asset Classes
  • Investment Risk
  • Investment Funds
  • ESG Investing
  • Behavioural aspects of Investing
  • Quantifying Client Needs
  • Pension Adjustment Orders
  • Succession Planning
  • Complaints & FSPO
  • Suitability / Risk Assessments
  • Income
  • Anti-Money Laundering
  • Data Protection
• Ethics training
• Relevant lecture/seminar presentation (only the first presentation of a lecture/seminar will earn credit, research and preparation for the lecture/seminar cannot be included)

See also relevant topics in Appendix 3 of Central Bank MCC .

CPD needs to be widely spread, to ensure that members maintain and enhance their knowledge across a range of topics. Members should ensure that they do not include events in their annual return that cover the same material.

Excluded Activities
The following are examples of activities not considered to be either formal/relevant, in that they do not meet the criteria, and are therefore excluded from counting towards CPD:

• Study or exam preparation. CPD hours are awarded on successful completion of relevant exams in the year the exam is passed
• Normal working activities
• General software/application training (e.g., Microsoft Excel, Word etc)
• Internet training
• Sales techniques training
• General communications training
• ‘Soft-skills’/general training (such as programmes or courses on telephone techniques, customer care, time management, negotiation skills, leadership/supervisory skills, writing/communication skills etc. )
• Product launches or other primarily social occasions
• Motivational seminars
• Reading and research
• DVDs, TV programmes
• Online training that is not tested
• Recorded webinars that are not tested
• Writing/research for thesis, study manuals, books and other publications.

CPD Programme

IOB offer their members a comprehensive and cost effective CPD programme to help them meet the annual CPD requirements. It is the responsibility of each member to ensure that events are relevant to designation which they are accredited. The programme includes:

1. Online Courses – eCPD
   The eCPD portal available via IOB Learn offers all CPD Members a programme of online courses covering a wide range of topics. There is no extra cost involved (included in annual CPD fee). As courses are updated on an annual basis, courses completed in previous CPD years can be re-taken to count for CPD hours in a new CPD year provided 3 months have passed since the course was last completed. See Access to IOB Learn on how members can access IOB Learn. The eCPD modules will appear under My eCPD.

2. CPD Events and Webinars
   Events and webinars are organised by IOB each year. Members can keep an eye on the Events page for details during the CPD year.

3. Accreditation of In-company and Other Events for CPD Hours
   As described in ‘Accreditation of Events for CPD Hours’, IOB accredits relevant in-company training and other relevant events for CPD hours. Members should submit an online CPD Accreditation Request at iob.ie/cpdaccreditations prior to holding an event, course, online module to check if it meets the criteria for awarding CPD hours.

4. Qualifications Programmes
   Some of IOB’s qualification modules are accredited for CPD hours. The content of CPD hours must be related to the knowledge requirements for the WMP designation.

Members will automatically be awarded the CPD hours on successful completion of relevant IOB exams. Contact us at info@iob.ie for more information on IOB’s qualification modules.

CPD Annual Update Manual
IOB publishes a CPD Annual Update Manual of current material relevant to retail financial advisers. Currently, full reading and assimilation of the contents of this manual counts for up to 2 hours CPD annually for all WMP CPD Members. The manual is made available in IOB Learn usually in September each year. See Access to IOB Learn on how members can access IOB Learn. The CPD Annual Update Manual will appear under My Downloads.

Pro Rata Adjustment/Reduction of CPD Hour Requirement
In certain circumstances (see (1) and (2) below) a pro rata adjustment (reduction) in required CPD hours may be granted, if you are not working for a relevant period of time. In order to be granted an adjustment, CPD Members must complete a Pro Rata Adjustment Form and email it to info@iob.ie. The Pro Rata form will appear under My Downloads. See Access to IOB Learn on how members can access IOB Learn.

WMPs who have been granted a reduction in CPD hours for part of a year must still make an annual return of hours completed for the remainder of the year by 31 January (of the following year).

1. Statutory Maternity/Parental/Adoption/Carer’s Leave
   There will be a pro rata adjustment in CPD requirements for members taking statutory maternity leave (current maximum 42 weeks i.e., up to 26 weeks paid and up to 16 weeks unpaid leave), statutory adoption leave (current maximum 40 weeks i.e., up to 24 weeks paid and up to 16 weeks unpaid leave), statutory block parental leave (currently maximum 26 weeks per child) or statutory carer’s leave.
   The adjustment will be given for paid and unpaid statutory leave only i.e., does not include holidays, additional unpaid leave, or career break. CPD Members should contact IOB in advance of taking such leave, to apply for a temporary exemption from CPD activity for the duration of the leave.

2. Illness
   Brief periods of absence due to illness etc. will not entitle a CPD Member to any adjustment in CPD requirements. However, those out of work due to long- term illness (two months or more) may apply for a pro rata reduction in requirements subject to medical certification of the illness.

3. Circumstances where a Pro Rata Adjustment of Hours will NOT Apply:
   A pro rata adjustment of hours will not apply in the following circumstances:

• Part-time work/Job sharing
• Holidays – including where taken immediately prior to or following maternity/adoption/parental/carer’s leave.
• Retirement/Redundancy/Unemployment
• Career Break/Sabbatical Leave

The online eCPD portal, available via IOB Learn offers a selection of modules, relevant to CPD Members. The existing modules will be continuously updated and may be re-taken by CPD Members to earn CPD hours in a new CPD year (provided 3 months have passed since the previous completion). This makes it possible for a CPD Member to fully participate in the CPD scheme no matter where in the world they are.

Newly Qualified Members – Applying for your Designation

Application on Qualification
Persons who qualify with a recognised qualification (or equivalent) will be invited by IOB to apply for the professional designation WMP and CPD membership when final ratified results are issued by the relevant Exam Board. All newly qualified persons are advised to apply for the designation and CPD membership by the required date outlined in this invitation.
Members who apply within two years from the January following qualification will have an annual CPD requirement of 6 CPD hours (see ‘Annual CPD Requirements’).

Late Application after Qualification
Persons who do not apply for the designation within two years from 01 January following qualification and who wish to apply at a later date will be considered on a case-by-case basis and will be subject to one or more of the late application rules including: –

• Completion of any shortfall in CPD requirements (in addition to the requirements for the year of joining), and application of the shortfall warning, where relevant
• Payment of backdated designation and / or membership fees, where relevant
• €100 late application fee.

Persons who wish to apply for the WMP designation 10 years or more after they have qualified, will be required to successfully complete the Professional Diploma in Wealth Management.

Newly Qualified Members – Commencement of CPD
A person who qualifies with a recognised qualification during the course of the year, and is not already a CPD member, will be required to commence CPD on the 01 January of the following year with the full annual requirement of 6 CPD hours (including the three-hour category and ethics requirement) as set out in ‘Annual CPD Requirements’, to be completed by 31 December of that year.

Other Designations
WMP CPD Members who also hold other designations such as APA, QFA are required to make an annual return of CPD hours for each separate designation held. In some cases the CPD hours completed for the WMP CPD Member scheme may also count for other designations (please note that the reverse is not always true). Please check with us if you have any queries on this.

Wealth Management Professionals not working in the Financial Services Industry
WMPs who no longer work in the financial services industry are required to comply with the CPD requirements if they wish to retain their WMP designation for current or future use. Members who do not comply with the CPD requirements will be subject to the procedure outlined in ‘Failure to Comply’.

Keeping Records & Support Documentation
Each member is responsible for keeping their own records in relation to CPD undertaken.
Members are required by IOB to use their Online CPD Record to manage, record and return their CPD hours.

Members are also required to keep supporting documentation as evidence of attendance at events or completion of a course e.g., attendance sheets, certificates of attendance, certificates of completion, computer printout/record of completion, written confirmation from employer or event provider etc.

It is essential to keep personal records and supporting documentation, as members will be required to present original versions of them should they be the subject of an audit at any stage (see ‘Audit’). IOB reserves the right to verify the information contained in the records, including the right to contact any of the organisations/people listed in a member’s records.
Such records and documentation should be retained for at least six years

Annual Returns
Every CPD Member is obliged to make an annual return by 31 January every year declaring:

1. The approved events that make up their CPD hours for the previous calendar year, and
2. that the hours completed conform to the requirements and the CPD criteria for CPD (See ‘Annual CPD Requirements’ and ‘Criteria in Relation to Awarding CPD Credit’.

CPD Members are required to record all approved CPD events in their Online CPD Record in IOB Learn. A member’s Online CPD Record will then form the basis of their Annual Return. The online Annual Return process usually opens in early December each year until 31 January of the following year.

Thereafter, anyone who has not made an Annual Return will be considered not to have complied with the CPD requirements and will be subject to the procedure outlined below under ‘Failure to Comply’.

CPD hours must be completed by 31 December each year. Hours completed in January will count for that CPD year and cannot be counted for the previous CPD year.

Audit

IOB will audit a random sample of member returns each year in order to verify that the hours completed conform to the requirements set out in ‘Annual CPD Requirements’ and ‘Criteria in Relation to Awarding CPD Credit’ and the information returned is true. Should a member be the subject of an audit they will be required to present supporting documentation confirming attendance/completion for each CPD event (external to IOB) in their return e.g., attendance sheets, certificates of attendance, certificates of completion, computer printout/record of completion, written confirmation from employer or event provider etc.

Details of the records will then be verified, as seen fit by IOB (including, if deemed necessary, contacting any of the organisations/people listed in the records). Audits are predominantly random and so a member may be the subject of an audit on any number of occasions (successive or intermittent) and must comply by furnishing IOB with appropriate records/proof of CPD completed during the previous calendar year.

Members found to have returned hours without supporting documentation confirming attendance or events covering predominately the same material will have the events removed.
Any resulting shortfall will be carried to the following year unless a five- year shortfall warning already applies. See ‘Failure to Comply’). Penalty hours may also be applied in addition to the shortfall hours.

Failure to Comply

Any WMP who:

1. Fails to make an annual return and/or

2. Fails to co-operate when audited and/or

3. Fails to pay their membership fees and/or
   will be deemed to be in breach of the CPD scheme requirements and in breach of one of the primary conditions of CPD membership (See ‘Welcome and Introduction’). This will result in the removal of the person from the WMP scheme and removal of the WMP designation.
   Any WMP who fails to complete the CPD requirement in any given year as set out in Annual CPD Requirements (i.e. fails to complete the required hours, fails to complete the three hours specialist content category, or fails to complete one hour related to ethics) will, in the first instance, be given a grace period to ‘catch up’ and complete any shortfall in CPD requirements by 31 December of the following CPD year (in addition to the requirements for that CPD year). A five-year shortfall warning penalty will also be applied to the member’s record i.e. if the member fails to complete the CPD requirements as set out in Annual CPD Requirements in any of the five years following the first failure to comply, the WMP designation will be removed.

4. Where a CPD Member is found to have made a false or seriously incorrect annual return, this will be considered misconduct by the member and will be referred for consideration under the disciplinary procedure for members, which may lead to expulsion from membership or other sanction. A member found to have made a false or seriously incorrect return of hours may also be permanently excluded from the WMP scheme.

A person who has had their APA in Pensions or QFA Designation removed due to failure to comply with the CPD regulations (1) to (3) above, will also have their WMP designation removed, see section Eligibility for Membership of the WMP CPD Scheme

Reinstatement of CPD Membership

A person who has had their CPD membership removed due to failure to comply with the CPD regulations (1) to (3) in Failure to Comply is advised to apply to reinstate their designation immediately. Such a person should state their case in writing to IOB at info@iob.ie. Requests to reinstate the CPD membership are considered on a case-by-case basis.

A reinstated person will be subject to the reinstatement rules as follows:

• Completion of any shortfall (See ‘Suspended Members’) in CPD requirements (in addition to the requirements for the year of reinstatement), and application of the shortfall warning, where relevant
•  Payment of backdated designation and / or membership fees, where relevant
• €100 reinstatement fee.

Persons who wish to reinstate the WMP designation 10 years or more after they have qualified, will be required to successfully complete the Professional Diploma in Wealth Management.

Suspended Members

A person with a shortfall in CPD requirements may apply to be included in the CPD scheme as a ‘suspended’ member in order to complete the CPD shortfall but will not have the WMP designation reinstated at this time.

Annual fees are payable while a suspended member of the scheme.

A person will be given credit for any verified CPD completed in the period prior to suspension to the CPD scheme relevant to the category(s) of product they are accredited in.
A shortfall warning will be applied on reinstatement i.e. if the member fails to complete the CPD requirements as set out in Annual CPD Requirements in any of the five years following the most recent failure to comply, the CPD membership) will be removed.

A person will be reinstated to the CPD Member scheme as a full member once they are in compliance with the CPD requirements i.e., has completed any shortfall in CPD requirements and paid the relevant. For CPD requirements after completion of exam. See ‘Newly Qualified Members’.
Suspended members should advise IOB in writing (email info@iob.ie) when they have completed the outstanding hours to be considered for reinstatement to full CPD membership.

Appeals
A member may appeal against the application of the CPD regulations as set out in these Guidelines & Regulations. Appeals should be submitted in writing (email info@iob.ie) addressed to the Appeals Officer.

Access to IOB Learn
Members can access their CPD section in IOB Learn by logging into iob.ie using their membership number or email address and password and then by clicking on Access CPD on the IOB Members page or by using the quick links on the home page.

Correspondence with Members
IOB will correspond electronically with CPD Members during the year regarding CPD hours required, annual returns etc.
CPD Members can access all correspondence in IOB Learn using their membership number and password, then clicking on My Correspondence from Member Resources.
CPD Members will be alerted by email and SMS text (per the contact information held on IOB’s records) when correspondence has been posted to My Correspondence. CPD Members are advised to check My Correspondence section regularly for important CPD communications. IOB may also correspond via email and SMS text with members.

Costs
There is currently no additional cost to members for participation in the CPD scheme. However, members should note that individual events, seminars, special publications etc. do from time to time may involve a charge that the member pays to the association/body running the event or publishing the material.

Provision of Information to Employers
The information provided by you on your WMP application form and generated during the course of your CPD membership may be used and disclosed by IOB for all purposes which are reasonably incidental to the administration of your CPD registration and ongoing membership. Those purposes may include the disclosure of CPD hours to your employer and such other information as may be necessary.

You are entitled to ask for a copy of the personal data that IOB holds about you and to have any inaccuracies in such personal data amended or erased. You may do so by writing to IOB’s Data Protection Officer (email dataprotection@iob.ie).

Change of Personal Details
Members are required to update their personal details in My Details in the event of any changes to mailing address, email address, contact phone number, company details etc.
CPD Members can change their personal details in IOB Learn using their membership number and password, then clicking on My Details from Member Resources.

Further Information and Contact Details
You can find further information in our CPD FAQs at iob.ie/info/cpd questions or you can contact us at:

Standards Lead

Approved by| RDSS CPD Committee
Date| 21/07/2022

WMP_CPD_Guidelines_and_Regulations_DRAFT2022
Cl a ssification: Public Version1 2022 RDSS

References

• Educate, enable and empower | IOB
• Info | CPD | IOB
• Educate, enable and empower | IOB
• Info | CPD | IOB
• Events for financial services professionals | IOB
• Info | CPD | IOB
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• Educate, enable and empower | IOB

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