The FSCA introduced Continuous Professional Development (CPD) as part of the competency requirements for Fit and Proper status in 2017. This was announced in Board Notice 194 of 2017, Chapter 4, Section 31 (1). It stated: Subject to subsection (2) the fit and proper requirements relating to CPD contained in this Chapter apply to all FSPs, key individuals and representatives.

This requirement was initially met with a lot of negativity and understandably so. What has changed since then? Why are more and more people in the financial services industry engaging in quality CPD programmes? Let’s investigate!

Everyone in this industry knows that they are competing in an ever-changing environment. How do you distinguish yourself from your competitor and how do you ensure that you are always one step ahead of your competitor when it comes to financial advice to your clients?

The regulator introduced CPD to ensure that FSPs, KIs and Representatives maintain their competence and that their knowledge, skills, and abilities remain up to date in this changing and dynamic environment. Consequently, customers will have access to fit and proper knowledgeable and skilled financial advisors.

What are the other unique benefits and advantages of engaging in CPD programmes? Let’s look at CPD from a different angle.

Continuous learning is essential to our existence. Good food nourishes our bodies, relevant information and continued learning nourishes our minds. Lifelong learning (CPD) is an indispensable tool for every advisor and FSP.

Today, continuous professional development forms a crucial part in acquiring critical thinking skills and discovering new ways of relating to your client’s needs and addressing those needs in the most appropriate manner.

We all experience changes in our career, changes in our personal lives, changes in our community and organisations. One of the most effective ways to deal with these changes is with lifelong learning or continuous professional development.

What is continuous development?

Continuous development is a self-motivated determination in acquiring knowledge, skill, and abilities to create future opportunities. It is part of personal development to avoid stagnation and reach one’s full potential.

Benefits of Lifelong Learning

Embrace CPD, make it part of who you are. As I mentioned, make it a self-motivated determination to acquire knowledge. Like all other professions i.e., medical, accounting, law and so many others who use CPD to stay relevant, improve and develop, you need to do the same. It benefits you, your company but most of all, it benefits your client!

With four months left before the end of the current CPD cycle, now is the time to engage. Identify a development need and select a CPD programme that will help you meet the requirement.

CPD programmes are categorised as follows:

For CPD programmes visit https://gimacademy.africa/main