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COB, Product specific training and CPD – What is the impact of COVID-19?

In the FSCA’s latest communication guidelines were provided with regards to various regulatory requirements and deadlines. These include training and qualification requirements:

Class of Business (COB) Training

COB deadlines that were due for completion in 2020 will be extended to 15 December 2020.
FSPs will have to extend the supervision period for such affected representatives.

Product Specific Training

As there are no deadlines linked to product specific training, no extensions are necessary. However, please note that representatives may not render financial services if they have not received training on the products they render financial services for.

Qualifications

All qualification deadlines that were due for completion during 2020 will be extended 15 December 2020. This date will be subject to review.

Continuous Professional Development (CPD)

Due to the cancellation of many CPD activities in March and April, FSPs, key individuals and representatives are granted an additional 3 months (until 31 August 2020) to meet the CPD requirements for this cycle.
The CPD requirements for the next cycle will start on 1 September 2020 and ends on 31 May 2021. The CPD hours for this cycle will be calculated on a pro-rata basis, i.e. calculated for 9 months instead of 12 months, and will be reduced pro rata with 3 months.

Alternative methods to obtain CPD:

The FSCA supports any individual efforts to achieve CPD hours in alternative methods to face-to-face events, which include webinars and on-line activities. Where possible, persons are encouraged to continue to participate in CPD events and activities.

The Moonstone Business School’s’portfolio of online courses and programmes will remain uninterrupted. Our team will provide you with ongoing online support. Visit our website if you are interested to enrol for any qualification, COB or CPD training course or send an email to help@mbse.ac.za.

Click here to download the FSCA Communication 9 of 2020.

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