The publication of the FSCA’s FAIS Notice 35 of 2019 triggered a few questions in the industry.
The FAIS Notice 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
Am I exempted from CPD if I am a member of a foreign professional body?
The answer is NO!
It is important to note that the extent of the exemption is only to allow CPD activities undergone by virtue of membership requirements of a foreign professional body to also count towards CPD hours.
Financial advisors still need to complete exactly the same amount of hours. If you are a member of a foreign professional body, which body requires verified CPD activities and you have completed same, then those activities can count towards your CPD hours requirement in terms of BN 194/2017. The exemption therefore only prevents duplication.
Click here to download FAIS Notice 35 of 2019.