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BOARD NOTICE 194 OF 2017

Board Notice 194 of 2017

Based on the above publication in December of 2017, the FSCA (Financial Sector Conduct Authority) introduced measures to determine requirements for financial services providers. These measures came into effect on the 1st of August 2018. 

The notice defines CPD activities as well as the requirements based on the financial services rendered. 

“CPD activity” means an activity that is-

(a) accredited by a Professional Body;

(b) allocated a hour value or a part thereof by that Professional Body; and

(c) verifiable,

and excludes-

(i) an activity performed towards a qualification; and

(ii) product specific training;

“CPD cycle” means a period of 12 months commencing on 1 June of every year and ending 31 May of the following year;

WHO IS EXEMPT FROM THE CPD REQUIREMENT?

The fit and proper requirements relating to CPD contained in this Chapter do not apply to -

(a) a Category I FSP, its key individuals and representatives that are authorised, approved or

appointed only to render financial services or manage or oversee financial services in

respect of the financial products: Long-term Insurance subcategory A and/or Friendly

Society Benefits; and

(b) a representative of a Category I FSP that is appointed to only-

(i) render a financial service in respect of a Tier 2 financial product; and/or

(ii) render an intermediary service in respect of a Tier 1 financial product.

BY WHEN?

The CPD cycle ends on the 31st of May (extended to July 2019). The CPD requirements must be met on or before this date.

The full text of the Act is available from the FSCA - click here to view.