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Guidance note on requirements for Continuous Professional Development (CPD)

Published

2019

Fri

07

Jun

Guidance note on requirements for Continuous Professional Development (CPD)

The Financial Sector Conduct Authority (FSCA) has released a guidance note on regarding the compliance with the continuous professional development (“CPD”) requirements for Financial Services Providers (FSPs), key individuals (KIs) and representatives. This note gives more clarity to all parties on the CPD requirements and follows the exemption granted by the FSCA on 1 June 2019 that exempted FSP, KIs and representatives from these requirements for the 2018 CPD cycle until 31 July 2019.

The CPD requirements, as set out set out in Chapter 4 of the Determination of Fit and Proper Requirements for Financial Services Providers, 2017 (Board Notice 194 of 2017), ensure that FSPS, KIs and representatives maintain their competence and that their knowledge, skills and abilities remain up to date in a changing and dynamic environment. Consequently, customers have access to appropriately, knowledgeable and skilled FSPs. These requirements would run over a 12-month cycle, from 1 June every year to 31 May of the following. Additionally, section 12 of the Fit and Proper Requirements set overarching principle-based competence requirements that always need to be complied with, including the correct mechanisms in place to evaluate and monitor this required competency. Section 13 of the Fit and Proper Requirements also imposes responsibilities on FSPs in putting in place adequate policies, controls and monitoring processes and systems that ensure compliance with section 12. A record of compliance with these two sections and competence register showing all qualifications, completed regulatory examinations, product raining and CPD of the FSP, its KIs and representatives are further section 13 of the Fit and Proper Requirements needed.

The guidance note is available here provides more details on these requirements in order to assist FSPs to comply and embed CPD in their businesses. It also includes frequently asked questions (FAQs) to further help FSPs, KIs and representatives apply the CPD requirements. The CPD requirements were not intended to be a mere “tick-box” exercise, Transitional Management Committee: AM Sithole (Commissioner) DP Tshidi CD da Silva JA Boyd MM du Toit LP Kekana K Gibson OB Makhubela SE Mmakau but to ensure that customers ultimately have access to appropriately, knowledgeable and skilled financial services providers.

The FSCA will continue to provide direction and guidance this issue while keeping close contact with its stakeholders as it looks to achieve its mandate of ensuring an efficient financial sector where customers are informed and treated fairly.

 
Source: Financial Sector Conduct Authority
 
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