Advertise Here
Icon

Directory

IconAccounting & Tax
IconActuaries
IconAdministrators
IconAppraisers & Valuers
IconArbitration Services
IconASIB
IconAssessors & Loss Adjusters
IconAssist and Lifestyle Benefits
IconAssociations & Institutes
IconAuditors
IconBBBEE Consulting and Verification Agencies
IconBroker Acquisition Financing
IconBrokers for Brokers
IconBusiness Process Management
IconBusiness Process Outsourcing
IconCall Centre Outsourcing & Sales
IconCompany Secretarial Services
IconCompliance
IconConsumer Protection
IconCorporate Governance
IconCredit Bureaus
IconDebit Order Collection Facilities
IconDefensive Driver Training
IconEducation and Training
IconEmergency Medical Rescue
IconFAIS
IconFire, Storm, Flood Damage Specialists
IconForensic Investigation Services
IconHuman Resources
IconIndustrial Cleaners
IconInformation Technology and Software Partners
IconInsurance Companies
IconLegal
IconLightning Damage & Surge Protection Specialists
IconNiche Insurance Products
IconOmbud
IconOutbound Sales
IconOutsourcing Companies
IconPolicy Administration
IconPremium Financing
IconPublic Loss Adjustors
IconPublications
IconRating Agencies
IconReference Books & Material
IconRegulatory Authorities
IconRisk Finance
IconRisk Management
IconRisk Surveyors
IconSalvage Operators
IconSpecialized Claims Investigations & Assessing
IconSurveys and Research
IconTraining Courses & Workshops
IconUnderwriting Managers
IconVehicle Accident Management
IconVehicle and Household Risk Inspection Services
IconVehicle Tracking
IconWellness Programs
IconWholesale Brokers
IconZZZZZZ
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 »

Insurance and Risk in a Post-Covid Economy

Certain insurance classes will take a hit while others will have time to recover, consumer behaviour will radically change the rules of engagement for insurers and brokers, and accelerate digital transformation   Nothing ...
Read More »

  

Allianz strengthens Property line of business

Allianz Global Corporate & Specialty (AGCS) Africa has announced three appointments in its Property line of business. Effective July 1 2020, Ronald Dodo-Tabaziva will be joining AGCS Africa as a Lead Property ...
Read More »

  

COVID-19 Swings the Spotlight Back onto Emerging Countries’ Debt

While the focus so far has been mainly on China, Europe and the United States, the consequences of the COVID-19 pandemic are likely to be even more severe for emerging economies, says International credit insurer, ...
Read More »

  

Coronavirus impact on shipping industry: idle vessels face new risks, Allianz warns

Increasing disruption and economic pressures caused by the pandemic also has serious risk management implications for the maritime community and insurers alike. Covid-19 pandemic makes it difficult to relieve crews, ...
Read More »

 

More News »

Image

Healthcare »

Image

Investment »

Image

Life »

Image

Retirement »

Advertise Here
Image
Image
Image
Image
Image
Advertise Here

From The Glossary »

Icon

Portfolio Premiums:

Amounts payable in respect of the transfer between a cedent and a reinsurer of the liability for the unexpired portions of the premiums at a date.
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.