Steven Francis Comments on FCA's Decision to Abandon CPD Standards With Insurance Post

In an article for Insurance Post, London insurance partner Steven Francis commented on the Financial Conduct Authority’s (FCA) decision to forego the requirement for insurance and funeral plan employees to receive 15 hours of continuous professional development, or CPD.

The article highlighted that the FCA discussed the plan at a recent British Insurance Brokers’ Association’s conference, where several insurers questioned whether there could be unintended consequences, such as talent attraction and retention. Under the new rules, some employees will need over 15 hours continuing training and development to meet the regulator’s standards. Francis noted that while most insurance firms would continue to go beyond what the FCA’s new rules required because of the business value of the CPD, he remains concerned that some businesses nee to be compelled to ensure employees are up to standard.

“I’m not saying the FCA has got this wrong, but I think they should monitor the position closely,” Francis said.

The full article is available for Insurance Post subscribers.