This is the driving factor behind the Continuing Professional Development (CPD) programme that has been implemented by the FSCA. CPD plays a vital role in fostering personal growth, excellence and professionalism across the entire financial services industry, and ultimately, benefits the clients.
"CPD activity" means an activity that is accredited by a Professional Body, such as the IISA or FPI, who confirmed that the activity is verifiable. In the event of face-to-face training, “verifiable” means that attendees must be identifiable by means of ID document, passport or driving license.
An FSP, Key Individual and Representative authorised, approved or appointed to render or manage or oversee the rendering of financial services in respect of -
- a single subclass of business within a single class of business must complete a minimum of 6 hours of CPD activities per CPD cycle;
- more than one subclass of business within a single class of business must complete a minimum of 12 hours of CPD activities per CPD cycle; or
- more than one class of business must complete a minimum of 18 hours of CPD activities per CPD cycle.
How CPD Works
An FSP must-
- (a) within 30 days after the expiry of each CPD cycle, record in the competence register the -
- CPD activities of the FSP, its Key Individuals and Representatives; and
- reduction of CPD hours of a Representative as contemplated in section 34;
- calculate the total number of CPD hours completed by each person referred to in (a) as at the end of each CPD cycle;
- obtain and retain relevant supporting evidence of the CPD activities recorded in the competence register;
- record the dates of, reasons for and retain supporting evidence for, any decision of the FSP to reduce CPD requirements in accordance with section 34; and
- retain the evidence referred to in (c) and (d) for a period not less than five years from the end of the CPD cycle concerned.
During a CPD Cycle
As CPD is applicable to all key individuals, representatives and representatives under supervision, whether currently approved/appointed or yet to be approved/appointed, they must complete the required amount of CPD activities, as determined according to business classes registered for, during an annual cycle starting from 1 June to 30 June of every year.