FAIS CPD REQUIREMENTS IN A NUTSHELL
According to FAIS regulation a KI or Rep in an FSP needs to comply with the CPD (continuous professional development) requirements. CPD cycles starts on 1 June to 31 May of every year. Every FSP must keep a register of who has done what and it must have a Policy that talks to its planning on training and CPD.
“Class of business training does count towards CPD hours but not Product Specific Training and RE exams (all not to be confused with CPD). If you need more info on these items please refer to this blog post or contact us.”
What must it cover?
CPD can only be provided by accredited CPD providers and can cover a broad range of subjects that you can choose from which must:
be relevant to the function that the person is rendering;
contribute to the skill, knowledge, expertise and professional or ethical standards of the person;
address gaps in knowledge of laws, technicalities or generic financial services environment;
take into account changing internal and external conditions relevant to the classes of business.
How much hours do I need?
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.
Thus, it is important to know what class of business is and how many hours you need to complete based on this.
Where can I do this?
There are many providers that offer this (some of them good and others...we'll...not so much). We are also busy getting our online CPD training accredited, however, in the meantime here are some options you can approach for CPD training:
Exemptions
A category 1 FSP, its KI’s and Representatives that only renders financial services in respect of : Long-term Insurance subcategory A and/or Friendly Society Benefits; and
A Representative of a Category 1 FSP that only renders a financial service with regards to a Tier 2 financial product; and/or render an intermediary service with regards to a Tier 1 financial product.
Persons under supervision must first complete their Class of Business Training, Re Exams and Qualifications before the CPD Requirement kicks in.
Contact us if you need more information or advice on this topic.
