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.
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