In terms of the FAIS Fit and Proper Requirements, 2017, key individuals and representatives authorised, approved or appointed to render or manage and oversee the rendering of financial services must maintain the necessary competence to fulfil their roles and comply with the minimum Continuous Professional Development (“CPD”) requirements.

Due to the nation-wide lock down predicated by the COVID-19 virus, the Financial Sector Conduct Authority (FSCA) reduced the number of minimum CPD hours to be completed for the 2021 CPD cycle.

This is a kind reminder to complete the minimum number of CPD hours by 31 May 2021 as follows:

• Key Individuals and representatives authorised or appointed for a single subclass of business within a single class of business must complete a minimum of 4.5 hours of CPD activities per CPD cycle;
• Key Individuals and representatives authorised or appointed for more than one subclass of business within a single class of business must complete a minimum of 9 hours of CPD activities per CPD cycle; and
• Key Individuals and representatives authorised or appointed for more than one class of business must complete a minimum of 13.5 hours of CPD activities per CPD cycle.

Representatives who are appointed to render financial services under supervision must comply with the applicable CPD requirements from the date on which the supervised representative meets the class of business training requirements, regulatory examination requirements and qualification requirements; or after 6 years from their date of first appointment, whichever occurs first.

Feel free to contact your ICS compliance officer with any queries.