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FAQ – CPD (Continuous Professional Development)

Please see below all the FAQ regarding CPD (Continuous Professional Development)

What is CPD?

It is an abbreviation for Continuous Professional Development. The requirement is met by earning a certain number of CPD hours. Key Individuals in a supervisory capacity and representatives in a advisory capacity must meet this requirement. It is to ensure that they maintain their competence and stay up-to-date with changes and developments in the financial/insurance industry.

Does everyone have to do CPD?

No. Representatives of Category 1 FSPs who ONLY work in the simplest funeral plan products (Long Term Insurance subcategory A) and/or Stokvel-type products (Friendly Society benefits), and those who work ONLY in Tier 2 products, and/or those who ONLY render intermediary services in Tier 1 products do not have to do CPD activities.

If you give advice in Tier 1 financial products, you have to engage in CPD activities.

Please consult your compliance officer to ensure you have the correct information

How many CPD activities do I have to do?

You have to do enough to maintain your competence, stay up to date with changes and developments in the industry, address any gaps or shortcomings in your skills and knowledge, and develop your expertise and insight. There are minimum requirements that the Authority sets, but these are not necessarily enough to meet the requirement.

The minimum requirements depend on the Classes of Business and sub-classes that you work in: One subclass only, in a single Class, requires 6 hours CPD during a CPD cycle;

Two or more subclasses, in a single Class, require 12 hours CPD during a Cycle;

If you work in two or more Classes of Business you have to do 18 hours of CPD per Cycle.

How long is a CPD Cycle?

A CPD cycle is 12 months, starting on 1st June each year and running until 31st May the following year.

What counts as a CPD activity?

Anything that is relevant to building and maintaining knowledge, skills, expertise and ethical standards. It must be accredited by a Professional Body and the participation, attendance or completion of the activity/programme/course must be verifiable. In other words, proof of the identity of the person completing it, and proof that it was completed must be in place. The Professional Body allocates a specific number of hours to the activity/programme/course.

I am studying for a qualification, and I attend evening lectures every week. Can I count that time for CPD purposes?

No. Activities performed towards a qualification do not count towards CPD.

I am under supervision until I pass the RE5 examination for representatives. Do I have to complete CPD activities as well?

Your CPD obligation will only start once you have achieved competence by passing the RE5 examination.

My employer organizes sessions which count for CPD points: How does this work?

The Authority (FSCA) requires that CPD activities are accredited by a professional body. They will allocate CPD hours to a session. Check with your employer how the points are assigned and check that the points are verified. If, for example, one-point equals one hour, then the points can be counted as hours. If two points equals an hour or work, adjust accordingly. Growth in Motion helps companies to have internal programmes accredited with professional bodies.

I was under supervision until the end of August. When do I start CPD, and how many hours must I do?

Your CPD obligation would have started as soon as you met the competency requirements – from 1st September onwards. Your CPD requirements is adjusted pro rata according to the time left in the cycle. If your requirement is 18 CPD hours, then the adjustment would be 18 ÷ 12 (giving hours per month) x 9 (September to May, remaining) = 13.5 hours

I am a Key Individual for my FSP. Do I have to do CPD?

Yes. The minimum hours of CPD that you must record depends on the Classes of Business and the subclasses that you manage or oversee, as is required for a representative. (Refer question above)

I am going to attend a study programme for the RE1 examination for Key Individuals. Does that count towards CPD hours?

Yes, but only if the programme is accredited by a Professional Body.

I attended a half-day product training session for a new product introduced by an Insurer. How many hours CPD can I record for that?

None. Product specific training does not count towards CPD.

Who is responsible for making sure that CPD activities are completed?

Each representative, key individual or natural person FSP must ensure that a suitable range of CPD activities is completed each cycle and that at least the minimum number of hours is recorded per cycle. The individual must keep a record of the activities that he or she completed. The FSP must have policies and procedures that set out how these requirements will be met and must administer the CPD process. Growth in Motion offer a range of CPD hours in alignment with Board Notice requirements in the areas of:

Professional Knowledge and Skills

• Ethics

• Regulatory Updates

• Market Understanding

I attended a workshop to help me prepare for my RE5 examination so that I can receive a pass mark. Can I count that towards CPD?

No. At that stage you were a representative under supervision and CPD did not apply to you. You were in the process of becoming fit and proper in terms of the competency requirements. As a representative under supervision, you can attend a CPD event and be given a certificate. The fact that you are not required to earn CPD hours does not prevent you from doing it.

How many CPD hours can I earn as a Representative?

As many as you wish, if you earn the minimum number of CPD hours based on the product categories you are licensed for. It only applies to Key Individuals and representatives giving advice in Tier 1 financial products.

If I attend training with Growth in Motion, will I earn CPD points?

Yes, as an example, you will receive 7 CPD points just by attending our FAIS refresher workshop. Bear in mind these 7 CPD points are for a specific course, in this instance it is the FAIS refresher training. Please refer to all our CPD courses on site.

Is Growth in Motion an accredited provider or an education

Institution as per BN194 of 2017?

We are accredited through Plumbline Risk Services who is an accredited education provider with BankSeta. The registration number appears on the Certificate of Completion which is issued after successfully completing your assessment.

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Book your next CPD (Continuous Professional Development) with us today. Click the sign up button below