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?
An 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.
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
(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.
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.