The annual CPD cycle ends on 31 May 2019. With only a few days left to attain your required number of FAIS related CPD hours for the current CPD cycle, it’s also a good time to start scheduling your CPD activities for the cycle that commences on 1 June 2019.
In terms of the Fit & Proper requirements (BN194), CPD for regulatory (FSCA) purposes was officially implemented as a requirement. This means advisors are obliged to perform CPD activities towards regulatory (FSCA) CPD requirements during a CPD cycle, which is a period of 12 months commencing on 1 June of every year and ending 31 May of the following year.
“How many hours of CPD must I complete?”
This will depend on your role and the development needs identified for you by your FSP. In terms of BN194 of 2017, the minimum CPD hours required are:
|If you render financial services for…||Then you must complete a minimum of…|
|a single subclass of business within a single class of business||6 hours of CPD activities per CPD cycle|
|more than one subclass of business within a single class of business||12 hours of CPD activities per CPD cycle|
|more than one class of business||18 hours of CPD activities per CPD cycle|
“I have not completed enough CPD hours, what will happen?”
Failure to comply with the CPD requirement in time will mean that the advisor is no longer Fit & Proper.
In order to avoid this scenario, the FSP will have to ensure that all its advisors either satisfy their respective CPD hours, or where it has become evident that the advisor will be unable to attain the required CPD hours, remove the advisor from its rep register prior to the deadline of 31 May 2019. Such advisors will not be allowed to write business until they have complied with the CPD requirements, and reinstated on the rep register.
Therefore, rather ensure that you are on top of your CPD hours before end May of each year. The only way to achieve this is by careful planning and constant monitoring of your progress.
Tool to assist with compliance
Moonstone offers a Software Solution, the “Fit & Proper Manager”, that will inform you of how many CPD hours are required for each respective advisor, whether his or her CPD hours can be reduced, and most importantly whether or not your advisors comply with all relevant Fit & Proper requirements.
Want to know more? Click here to schedule a demo of the “Fit & Proper Manager” software solution.
Moonstone’s CPD offerings
Moonstone also offers various events and activities that are CPD accredited. Visit the Moonstone Events page for more information or click here to access a detailed FAQ document which contains details of how you can, for instance, register to obtain CPD hours by reading the two Moonstone newsletters, as well as other CPD accredited activities.
Latest CPD News for members of foreign professional bodies
The FSCA has just released a FAIS Notice that states that “FSPs, key individuals and representatives who are members of foreign professional bodies, are exempted from the CPD requirements to the extent that all reference to “CPD activity” in the Fit and Proper requirements must be read as including an “extended CPD Activity”.
An “extended CPD Activity” means an activity, other than product-specific training and an activity performed towards a qualification, that is –
- Recognised by a foreign professional body
- Allocated an hour value or part thereof by the foreign professional body; and
Click here to download the FAIS Notice and Explanatory Note