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Continuous Professional Development 

Class of business in the context of financial services training refers to training that, focuses on a general product category knowledge with in relation to a specific Line of Business. The proposed legislation suggests that only an accredited providers or educational institutions can provide class of business training.

WHO SHOULD ATTEND CLASS OF BUSINESS TRAINING?

  • Any FSP, key individual and representative must-

(a) maintain the required competence to render or manage or oversee the financial services for which the FSP, key individual and representative are authorised, approved or appointed;

(b) comply with the minimum CPD requirements

  • There are exceptions for certain types of business someone does and how it is run, if unsure please contact the compliance Manager.

 

Frequently Asked

When will CPD be available for registration?
Our courses are up on FSP Academy you can register now and start.
What CPD should I do?
Depending on the individual's specific needs, one must decide which course to complete.
By when do i need to complete my CPD?
The deadline for CPD is 31st May.
Can i do more than one CPD course at the same time?
Yes, you can do as many courses as you want but you have to meet a certain standard to pass each module.
How long does a module take to complete?
The duration of the courses is indicated by the amount of CPD hours allocated the course. Some modules could take longer than others - it all depends on the content and the module.

 

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. 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.