Horizon Compliance
  • Home
  • About
  • Training
  • Store
  • Client Portal
  • Blog
  • Contact

Compliance 

and other interesting stuff

FAIS CPD Requirements In A Nutshell

2/20/2019

0 Comments

 
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:
  1. be relevant to the function that the person is rendering;
  2. contribute to the skill, knowledge, expertise and professional or ethical standards of the person;
  3. address gaps in knowledge of laws, technicalities or generic financial services environment;
  4. 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
  1. a single subclass of business within a single class of business must complete a minimum of 6 hours of CPD activities per CPD cycle;
  2. 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
  3. 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:
  • Millpark
  • Integrity Academy

Exemptions
  1. 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
  2. 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.
  3. 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.
0 Comments



Leave a Reply.

    by: Horizon Compliance team

    Compliance Experts

    Archives

    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    September 2021
    July 2021
    June 2021
    May 2021
    March 2021
    February 2021
    October 2020
    August 2020
    July 2020
    June 2020
    April 2020
    March 2020
    January 2020
    November 2019
    August 2019
    July 2019
    May 2019
    March 2019
    February 2019
    November 2018
    October 2018
    August 2018
    June 2018
    April 2018
    February 2018
    January 2018
    November 2017
    September 2017
    August 2017
    July 2017
    June 2017

    Categories

    All
    AML
    Code Of Conduct
    COFI
    Coronavirus
    COVID 19
    COVID-19
    Crypto
    FAIS
    FICA
    Financial
    Fintech
    FSB
    FSCA
    PAIA
    POPI
    Property Syndication
    Regtech
    Regulators
    THRESHOLDS
    Training

    RSS Feed

Picture
Copyright © Horizon Compliance (Pty) Ltd 2014-2021

See our Privacy Statement here and our PAIA Manual Policy here. The material and information contained on this website is for general information purposes only. You should not rely upon the material or information on the website as a basis for making any business, legal or any other decisions. Whilst we endeavour to keep the information up to date and correct, Horizon makes no representations or warranties of any kind, express or implied about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services or related graphics contained on the website for any purpose. Any reliance you place on such material is therefore strictly at your own risk. Horizon will not be liable for any false, inaccurate, inappropriate or incomplete information presented on the website.

  • Home
  • About
  • Training
  • Store
  • Client Portal
  • Blog
  • Contact