Advertise Here
Icon

Directory

IconActuaries
IconAdministration Outsourcing
IconAsset Managers
IconAssociations & Institutes
IconAuditors
IconBanking
IconBBBEE Consulting and Verification Agencies
IconBusiness Chambers
IconBusiness Process Management
IconBusiness Process Outsourcing
IconCompliance
IconConsumer Protection
IconCorporate Governance
IconCredit Bureaus
IconCurrencies
IconDebit Order Collection Facilities
IconEducation and Training
IconFAIS
IconHuman Resources
IconInformation Technology and Software Partners
IconInvestment Consulting
IconInvestment Fund Managers
IconLegal
IconLISPs
IconListed Equities
IconOmbud
IconParticipation Bond Managers
IconPolicy Administration
IconPolicy Trading
IconProperty Unit Trusts (PUTS)
IconPublications
IconRegulatory Authorities
IconStock Exchange
IconSurveys and Research
IconTraining Courses & Workshops
IconUnit Trust Fund Managers
IconWellness Programs
Image
  Subscribe To »

The consequences of missing your CPDs

Published

2019

Mon

22

Jul

 

The extended deadline (to 31 July 2019) to earn required Continuous Professional Development (CPD) hours is around the corner. For those in financial services who are behind in earning theirs, it is best to act fast. The previous deadline of 31 May arrived sooner than anticipated, revealing how many in the industry are behind. “While two extra months provides plenty opportunity to get what is needed, it is best to act sooner than later to avoid the chance of falling behind again,” says James George, Compliance Officer Manager at Compli-Serve SA.

“If you fail to get the hours you need, you must be removed from the register and will need to earn your missing CPD hours in order to be re-added, and able to continue practising.  Completing the current year won’t detract from the next cycle’s required hours either. As of 1 June 2019, it is business as usual and the hours needed by 31 May 2020 must be obtained.”   

Move it, or lose it

In order to avoid any issues, an FSP must ensure that all its approved persons, be they representatives or key individuals (KI), either satisfy their respective CPD hours, or where it has become evident that they will be unable to attain the required CPD hours, even with the extension, remove the person from its licence before the extended deadline.

 

“Failure to earn the hours will mean you no longer comply with Fit and Proper requirements and then face serious consequences,” he notes. In terms of Section 14(1) any representative who no longer complies, must be debarred. “This is a risk no FSP, KI or representative can afford to take.”

The requirements for CPD hours remain:

  • If rendering a single subclass of business within a single class of business per CPD cycle, only 6 hours need to be earned;
  • If more than one subclass of business is rendered in one cycle, 12 hours of CPD activities will be needed;
  • For those who have more than one class of business, 18 hours are required.

There are some exemptions available for foreign professional bodies, but generally there is little escape from needing to earn your CPDs to operate in financial services. Continuous learning is essential in any case, particularly in the evolving financial services landscape.

You’ve got options

Many financial institutions and publications offer easy access to earning CPD hours; just keep in mind that an activity must be CPD-qualified to count. A ‘CPD activity’ must be verified by a professional body who also allocates an approved hourly value to the activity.

 

CompliNEWS and Juta offer all the required hours in any given cycle. The annual subscription gives you the hours you need combined with access to regular regulatory updates and the option to filter news by industry, including access to updates on case law and parliamentary news. Through Compli-Serve SA you can also do FICA training (earning 4 CPD hours) via Test Zone. These can be useful resources to consider, no matter which CPD cycle you’re aiming to complete.

“The costs of falling out of favour in compliance can be much more than the cost of signing up for the required reading or training you need for CPD compliance,” he concludes.

 
Source: Catherine Riley cdcom
 
« Back to previous page Print this page » |
 

Breaking News »

Allianz Risk Barometer 2020: Cyber top peril for companies in South Africa

9th annual survey on top business risks attracts record participation of 2,700+ experts from over 100 countries Cyber incidents have become more damaging and expensive for companies – and often result ...
Read More »

  

Broker Portal, Coface’s new digital interface for its brokers

Coface launches its new portal for brokers, offering a new experience to its partners in the development of their business around the world. Available in 42 of the countries covered by the Coface group, ...
Read More »

  

Nico Esterhuizen bows out of SAIA after almost ten years

The South African Insurance Association (SAIA) would like to announce the resignation of its General Manager: Insurance Risks, Mr Nico Esterhuizen who will be leaving the association at the end of December ...
Read More »

  

2020 D&O MARKET WATCH

The range of exposures facing directors and officers (D&Os) – as well as subsequent claims scenarios – have increased significantly in recent years in the midst of a prolonged soft market. With ...
Read More »

 

More News »

Image

Healthcare »

Image

Life »

Image

Retirement »

Image

Short-term »

Advertise Here
Image
Image
Image
Advertise Here

From The Glossary »

Icon

Syndicate (Lloyd’s):

A group of individuals or companies at Lloyd’s who pool resources to underwrite risks.
More Definitions »

 

Advertise

 

eZine

 

Contact IG

 

Media Pack

 

RSS Feeds

By using this website you agree to the Terms of Use.
Copyright © Insurance Gateway (Pty) Ltd 2004 - 2020. All Rights Reserved.