It is evident that the focus on continuous professional development is increasing.
As noted in the article above, the FSB envisages publishing proposed new CPD requirements by the end of the year.
The definition of CPD is now included in the FAIS Act for the first time with effect from 28 February 2014 and reads:
“continuous professional development” means a process of learning and development with the aim of enabling a financial services provider, key individual, representative or compliance officer to maintain the competency to comply with this Act;
The definition, contained in Board Notice 106 of 2008, reads:
“continuous professional development” or “CPD” means a process of learning and development, with the aim to enable the applicant, key individual or representative to maintain capabilities to perform competently within the Categories or subcategories they render financial services in”.
It is evident that the FAIS definition casts the net much wider.
This is extended by an insertion under section 8 of the Act:
8A. Compliance with fit and proper requirements after authorisation.
An authorised financial services provider, key individual, representative of the provider and key individual of the representative must—
(a) continue to comply with the fit and proper requirements; and
(b) comply with the fit and proper requirements relating to continuous professional development.
The renewed focus on CPD makes a lot of sense. With the indefinite postponement of the level 2 REs (which would have concentrated on product knowledge), it would be folly to take the focus off one’s legal obligations.