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
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.
• Professional Knowledge and Skills
• Regulatory Updates
• Market Understanding