This is a reminder that the annual Continuous Professional Development (CPD) cycle for financial services providers (FSPs), key individuals (KIs) and representatives runs from 1 June to 31 May.
The minimum amount of CPD hours as set out in FAIS Board Notice 194 of 2017 (BN 194) must be completed by 31 May.
KIs and representative must submit evidence of their CPD activities to the FSP within 15 days after expiry of the CPD cycle.
A “CPD activity” is defined in BN 194 as an activity that is- (a) accredited by a Professional Body; (b) allocated a hour value or a part thereof by that Professional Body; and (c) verifiable, and excludes – (i) an activity performed towards a qualification; and (ii) product specific training.
FSPs must within 30 days after the expiry of the CPD cycle, record the CPD activities in the competence register and retain the evidence for a period not less than five years from the end of the CPD cycle.
FSPs must ensure that their representatives meet the CPD requirements timeously, failing which the representatives must be removed from the representative register and their mandates withdrawn before 31 May. If a representative does not meet the required CPD hours by 31 May, the FSP has no option but to follow the debarment process.
The FSP will have to explain to the FSCA why debarment was not prevented by removing the representative from the representative register before the 31 May deadline.
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