Continuous Professional Development cycle (2021/2022) deadline looming: Are you compliant?

 

The Continuous Professional Development(“CPD”) cycle is coming to an end on the 31st of May 2022. As a reminder, Financial Service Providers (FSP’s), Key Individuals (KI’s) and Representatives should be making steady progress toward meeting the required CPD hours as the deadline is 9 days away. It is therefore advisable that continuous progress is made toward this goal.

The purpose of this communication is to provide guidance to FSPs, key individuals and representatives regarding compliance with the CPD requirements in Board Notice 194 of 2017 (“Fit and Proper Requirements”).

CPD requirements were not intended to be a mere “tick-box” exercise. FSP’s, KI’s and Representative must ensure that the type and combination of CPD activities undertaken:

• are relevant to their function and role;
• contribute to their knowledge, skill, expertise, professional and ethical standards;
• address any identified gaps in technical knowledge and generic knowledge, the context within which the financial services are rendered and knowledge of the applicable laws; and
• take into consideration changes to internal/external conditions relevant to the financial service and financial products of the particular FSP, KI and Representative.

CPD points are as follows:

Single sub-class of any class of business will need to complete at least 6 CPD hours per CPD cycle;

More than one sub-class of any single Class of Business will need to complete at least 12 CPD hours per CPD cycle;

More than one Class of Business will need to complete at least 18 CPD hours per CPD cycle;

Failure to earn CPD points timeously will mean that the FSP, KI or Representative is no longer Fit & Proper and might have to be removed from the representative register. FSP’s must be vigilant in ensuring that their KI’s and Representatives remain compliant.