Guidance note on requirements for Continuous Professional Development (CPD) 07 June 2019
The Financial Sector Conduct Authority (FSCA) has released a guidance note on the compliance with the continuous professional development ("CPD") requirements for Financial Services Providers (FSPs), key individuals (KIs) and representatives. This note gives more clarity on the CPD requirements following the exemption granted by the FSCA on 1 June 2019, exempting FSPs, KIs and representatives from these requirements for the 2018 CPD cycle until 21 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 continuously improve their knowledge, skills and abilities in a changing and dynamic environment.. 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 (FPR) set overarching principle-based competence requirements that always need to be complied with, including putting the correct mechanisms in place to evaluate and monitor this required competence. Section 13 of the FPR also imposes responsibilities on FSPs to put 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 training and CPD of the FSP, its KIs and representatives are further discussed in section 13 of the FPR.
FSCA Press Release - Guidance note on requirements for Continuous Professional Development - 07 June 2019
FSCA COMMUNICATION 2 OF 2019 (FAIS)