CPD via Moonstone Monitor Clarified
It is evident from enquiries received after last week’s Moonstone Monitor that there is a lot of general misunderstanding and uncertainty about Continuous Professional Development, and more particularly, how this publication can assist you in acquiring CPD hours.
Question: Will I have to pay for the Moonstone Monitor in future to be able to acquire CPD hours?
Answer: No, and yes. You will still receive the Moonstone Monitor, crammed full of valuable information free and gratis. In order to qualify for CPD points, however, we have to verify that you did indeed read the newsletter. This will be done by posing a few questions that you have to answer correctly to qualify for the approved CPD time allocation. We have set up a system to do this, and will issue you with a certificate which you can store in your Fit and Proper file as proof.
Question: The approved allocation is 30 minutes for every Moonstone Monitor I read. If I read 52 newsletters, will I be allocated 26 CPD hours?
Answer: We normally publish 48 Moonstone Monitors in a year (even Chuck Norris takes a break sometimes). At most, you will only need 18 hours, so yes, you can reach your goal in the comfort of your own office.
Question: Will the articles cover all the categories I am licensed for?
Answer: There is currently no requirement “per category”. Broadly speaking, the FSP has to ensure that the type and combination of CPD activities undertaken:
- are relevant to the functions and role of the FSP, key individual and representative;
- contributes to the skill, knowledge, expertise and professional and ethical standards of the FSP, key individual and representative
- addresses any identified knowledge needs or gaps and
- adequately takes into account changing internal and external conditions.
Question: What CPD must I complete/How many hours of CPD am I required to complete?
Answer: This will depend on your role and the development needs identified for you by your FSP. In terms of BN194 of 2017, the minimum CPD hours required are:
- If you are authorised to render financial services for a single subclass of business within a single class of business - six hours of CPD activities per CPD cycle.
- If you are authorised to render financial services for more than one subclass of business within a single class of business - 12 hours of CPD activities per CPD cycle
- If you are authorised to render financial services for more than one class of business - 18 hours of CPD activities per CPD cycle.
Question: It appears that I will have to pay for every CPD questionnaire I complete?
Answer: No, you register for 100 days during which you can complete the questions, of which there will be a maximum of five, every week.
Question: What is the pass mark?
Answer: 100%. But, before you panic: it is an “open book” assessment, and you can retry as often as you like, at no extra cost.
Question: Is there a platform where I can monitor my progress?
Answer: For every successful assessment you will receive a certificate, but the monitoring is your responsibility. Our Compliance division is in the final stages of the development of an advanced system that will automate the tracking of the Fit and Proper status of every member of any size FSP. We are confident that this will set a new standard in the industry.
We have applied for approval of our other newsletter, the Moonstone Investment Indicators, as well, and will keep you posted on developments there.
In addition to our newsletters, those required to attain CPD hours can also do so via other obligatory training, including Class of Business, FICA Awareness and other training interventions from Moonstone Business School of Excellence. This applies to both reps currently working under supervision as well as new appointees. The exact requirements regarding reps appointed after April 2018 and working under supervision still have to be spelt out by the FSCA.
Click here to register for access to the weekly Moonstone Monitor Assessment.
For more information about other CPD activities from Moonstone, click here.
Moonstone Compliance (Pty) Ltd
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