Keeping up to date with industry knowledge is key to a practitioners competence, but how relevant should that knowledge be. Petrina Oxshott explains
To download a PDF of this article as it appears in the magazine click here .This week we have a couple of quizzes which you should attempt before you read the rest of the article.
Quiz 11) How long did the Hundred Years War last?2) Which country makes Panama hats?3) From which animal do we get catgut?4) In which month do Russians celebrate the October Revolution?5) What is a camel's hair brush made of?6) The Canary Islands in the Atlantic are named after what animal?7) What was King George VI's first name? 8) What colour is a purple finch?9) Where are Chinese gooseberries from?10) What is the colour of the black box in a commercial airliner?How did you get on? The answers are at the end of this article. Now answers these questions:a) Do you think you could set a standard which is acceptable for your staff?b) Does it matter?c) "What", you may ask, "has this test got to do with my job?"I suspect the answers are: a) No; b) No; c) Nothing.Now try this one: (Questions courtesy of CII Financial ASSESS)
Quiz 21) What is the alternative name for flexible trusts? 2) What is the maximum number of trustees for a trust that holds land? 3) What is the normal term for the individual who creates a trust?4) Joan will only benefit from a trust established by her father if she is predeceased by her mother. What type of beneficiary is Joan?5) What type of interest do the beneficiaries have in trust property?Now answer the same questions again:a) Do you think you could set a standard which is acceptable for your staff?b) Does it matter?c) "What", you may ask, "has this test got to do with my job?"I suspect the answers are still: a) No; b) No; c) Nothing.But does this mean that the exercise and the learning has no value?What we do know is that if it has nothing to do with your job then the assessment is not of competence to do your job. Indeed it is quite likely that most readers had great difficulty getting more than one or two correct answers.So could either be classed as CPD? The first quiz probably always presents a negative to this question – it is fun but of little use in our work or indeed in our industry. But the second quiz is a different matter. It is very much related to personal development in a world that constantly involves us with trusts. Whether we know it or not trusts are important in the insurance industry. For example consider:
Answers to quiz 11) 116 years; 2) Ecuador; 3) Sheep and horses; 4) November; 5) Squirrel fur; 6) Dogs; 7) Albert; 8) Crimson; 9) New Zealand; 10) Orange.
Answers to quiz 21) Power of appointment trusts; 2) Four; 3) Settlor; 4) Contingent beneficiary; 5) Equitable title
Using this CPD pageFor the vast majority of practitioners and indeed support and supervisory staff in our industry, CPD is about regular learning and study that is planned, recorded, timed and evaluated. If you are a member of a professional body with a CPD requirement then there will be certain rules regarding the quality and nature of study material, and the way in which it is recorded.For staff of GISC members this means recording on your individual training file what the learning was, who provided it and when.It might be structured, such as a course, a learning programme or exam study. But it can be unstructured. This form of study encompasses reading the trade press, technical material or taking part in activities to support your professional body. Some CPD requirements are points related (a little antiquated) and others require a time value to be allocated. For example, it might take one hour to read Insurance Times each week. Most of that could be put as a time value but, in reality, perhaps only an half hour was devoted to learning something. The rule is to be honest with yourself and record the time that is relevant. Always take time to make a note of what you felt you gained from the activity. This is useful information for anyone else considering the same activity.In response to the popularity of our CPD programme each week's CPD page can now be downloaded from our website. We will be preparing a binder for you to keep these in alongside the results of the exercises.