TBH I view it as a money making scheme. A lot of the formal CPD sessions I see on around where I work don’t add anything to my knowledge, the topics lack the depth in their detail that I’d want to see. At times that you have to wonder who does get anything out of them.
It’s probably harder being semi retired as I seem to learn something new “on the job” most months. The definition of formal can be somewhat foggy IMHO, some formal sessions from companies don’t offer you a certificate, so it would be hard to prove if the RICS required proof.
I usually read a book or two to get the hours up as well.