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In the field of insolvency and restructuring, practitioners must always keep up to date. Insolvency Practitioners in England & Wales are required by their governing bodies (‘Recognised Professional Bodies’ or ‘Authorising Bodies’) to undertake relevant continuing professional development.
The Insolvency Practitioners Association (IPA) requirement in relation to CPD is set out in its CPD Guidance. Essentially, it requires a minimum 25 hours relevant structured CPD during each year which may include attending or speaking at courses, conferences, seminars and lectures organised by the IPA, R3, other commercial course and conference providers, or by other professionals and their firms (50% of CPD can be gained from attending such events as virtual events).
‘Relevant’ in this context means that, for example, an IP who acts or intends to act in relation to Individual Voluntary Arrangements would be expected to have undertaken an appropriate proportion of CPD covering personal insolvency including advice on alternative non-statutory solutions.
The Institute of Chartered Accountants in England & Wales (ICAEW) state that CPD is a requirement for members to keep under review their needs for training and development in regard to professional work undertaken. Where a need for development is identified, members are required to take prompt action to address that need. The ICAEW state that CPD need not necessarily be the attendance of courses, and should be relevant and proportionate to the role of the professional.
[See ‘CPE’, ‘RPB’, ‘Continuing Professional Education’, ‘Recognised Professional Body’, ‘Authorising Body’, ‘ICAEW’ and ‘IPA’.]
In professions such as accountancy, law, architecture and medicine, where changes to practice and law happen on a regular basis, it is important for those qualified to practice to keep regularly updated. This is done through Continuing Professional Education (CPE), sometimes known as ‘Continuing Professional Development’ (CPD).
In the field of insolvency and restructuring, practitioners must always keep up to date. Insolvency Practitioners in England & Wales are required by their governing bodies (‘Recognised Professional Bodies’ or ‘Authorising Bodies’) to undertake relevant continuing professional development.
