The Financial Sector Conduct Authority has alerted financial institutions about an entity called LearnOn (Pty) Ltd, which has been offering continuous professional development (CPD) services without proper authorisation.
LearnOn is reported to have issued CPD certificates bearing the logo of the Financial Planning Institute of Southern Africa (FPI) without approval, using invalid FPI reference numbers linked to other accredited CPD providers.
Attempts by the FSCA to contact LearnOn regarding these issues have been unsuccessful, the Authority noted.
In terms of Board Notice 194 of 2017, issued under the Financial Advisory and Intermediary Services Act, all financial services providers are required to meet specific CPD competency standards to maintain their fit and proper status. Failure to comply can result in regulatory sanctions.
The FSCA advises financial institutions to verify the accreditation of any CPD provider with the relevant professional bodies before entering into agreements. This includes confirming that CPD reference numbers and certificates are valid and linked to approved programmes.
Although the FSCA has not commented on LearnOn’s business practices or the quality of its CPD programmes, it emphasises that verifying CPD providers is important to avoid non-compliance with regulatory requirements.
Financial institutions are urged to take a cautious and proactive approach to ensure their CPD programmes meet the standards set out in Board Notice 194 of 2017.
