Last week the FSCA published FSCA Communication 2 of 2019 to provide further guidance to FSPs, key individuals and representatives regarding compliance with the continuous professional development requirements. The communication also included questions that have been received from the financial services industry, particularly in respect of CPD.
In this article, we focus on the questions and answers relating to CPD activities and SAQA recognition.
Why must CPD activities be accredited by SAQA recognised professional bodies?
The purpose of a professional body is to set professional standards. Professional bodies are therefore best placed to evaluate the activities against the professional standards and to allocate a CPD hour value to it.
Which SAQA recognised professional bodies can be approached to accredit CPD activities?
The list of recognised professional bodies can be accessed via the following link:
Is it correct to say that any CPD activity that was accredited by a SAQA recognised professional body can be accepted and recognised for CPD purposes?
No. Even if a CPD activity was accredited by a SAQA recognised the professional body, it does not necessarily mean that the CPD activity is relevant/appropriate to the role, function and activities of the FSP, key individual and/or representative. The FSP remains responsible for ensuring that the CPD activities comply with the requirements set out in sections 32(1) and 32(2) of the Fit and Proper Requirements.
What happens if I completed a CPD activity but the CPD provider issued me with a certificate for CPD “points” and not CPD “hours”?
If a SAQA recognised professional body has accredited the CPD activity, the activity will have a CPD hour value. Where a CPD activity was completed before a SAQA recognised professional body accredited the activity and allocated an hour value to it, then the activity must first be submitted to one of the SAQA professional bodies where a CPD hour value will be allocated to it.
Click here to download FSCA Communication 2 of 2019.