COMPETENCE REQUIREMENTS - Continuous Professional Development
Frequently Asked Questions
Continuous Professional Development is not a concept that is unique to the financial industry, several professions require individuals to comply with CPD requirements. In general continuous professional development refers to activities that will maintain or improve the knowledge, skills and experience within a profession.
The Fit and proper determination Board Notice 197 of 2017 states that a CPD activity means an activity that is:
“a) Accredited by a Professional Body;
b) Allocated an hour value or part thereof;
It does not include an activity performed towards a qualification or product specific training.”
The FSCA granted an exemption on the 1st of June 2019, exempting FSPs, KIs and representatives from these requirements for the 2018 CPD cycle until 31 July 2019 and subsequently published a communication in which it provides guidance to FSP’s, Key Individuals and representatives surrounding CPD and answer frequently asked questions about the application and non-compliance with CPD requirements in more detail: FSCA Communication 2 of 2019 (FAIS) - CPD
The FSCA reiterates that the CPD requirements is not another “tick-box” requirement, and an exercise to obtain the correct amount of CPD hours to satisfy the Authority. The aim of CPD is to maintain an individual’s competence, knowledge, skills and abilities in an environment that constantly changes and by complying with CPD and other competence requirements customers will have access to skilled financial services providers.
Should you have any further questions about the CPD requirements you are welcome to submit questions to the FSCA at Fitandproper@fsca.co.za