FSCA CONTINUOUS PROFESSIONAL DEVELOPMENT and COMPETENCY REGISITERS
The purpose of this Communication is to provide guidance to FSPs, key individuals and representatives regarding compliance with the continuous professional development (“CPD”) requirements set out in Chapter 4 of the Determination of Fit and Proper Requirements for Financial Services Providers, 2017 (Board Notice 194 of 2017) (“Fit and Proper Requirements”).]
Section 13(5) of the Fit and Proper Requirements provides that a FSP must establish, maintain and update on a regular basis a competence register in which all qualifications, successfully completed regulatory examinations, product specific training, class of business training and CPD of the FSP, its key individuals and representatives are recorded.
FSPs must continue to maintain their competency registers, and will be required to submit the competence register once this information is requested by the FSCA.
An FSP, key individual and representative must ensure that the type and combination of CPD activities undertaken by the FSP, key individual and representatives are relevant to their function and role.
CPD is therefore a controlled process where relevant and appropriate pre-determined CPD activities are undertaken to address identified needs and where evidence of the processes that were implemented are documented and recorded as evidence of how the FSP complied with section 32(1) and 32(2)
The CPD Hours to be achieved within the CPD cycle ending 31 May, as follows:
|
a single subclass of business within a single class of business |
e.g. FSP, KI or Representative with only Personal Lines: Motor Policy |
six hours of CPD activities per CPD cycle |
|
more than one subclass |
FSP, KI or Representative with Personal Lines: Motor Policy and Personal Lines: Liability Policy |
12 hours of CPD activities per CPD cycle |
|
more than one class of business |
e.g. FSP, KI or Representative with Short term Insurance Personal Lines, Long-term Insurance |
18 hours of CPD activities per CPD cycle |
Please feel free to contact us should you need assistance or any further questions with regards to the CPD cycle and competency registers.