Continuous Professional Development (CPD) is not just a regulatory requirement; it’s the backbone of competence in South Africa’s financial advisory sector. Yet, recent events have highlighted a disturbing trend: fraudulent manipulation of CPD certificates. As financial services providers (FSPs), safeguarding your compliance means vigilance, ensuring both the authenticity of your certificates and the credibility of your CPD providers.
The Reality of Fraudulent Certificates
Growth in Motion has provided trusted CPD courses to financial advisors in South Africa for nearly a decade. For the first time in nearly a decade of issuing CPD certificates, we recently detected an attempted alteration of an official certificate. The individual used third-party tools and PDF editing software to manipulate the original certificate.
This incident is not isolated. The FSCA (Financial Sector Conduct Authority) recently warned financial institutions to ensure they verify the authenticity of CPD providers following the discovery of unauthorised certificates being issued by an entity, which falsely used credentials associated with the Financial Planning Institute of South Africa (FPI).
What Should Financial Services Providers Do?
Financial Services Providers have a critical obligation to verify CPD certificates submitted by their representatives. Failing to confirm authenticity could lead to severe repercussions during an FSCA audit, including penalties and reputational harm.
Your 5-Step Verification Checklist
Protect yourself and your practice. There are 5 quick checks that we recommend when confirming the authenticity of your certificate.
- Participant Name: Ensure it matches exactly with official identification documents.
- Course Title: Verify that the course is officially listed and accredited.
- CPD Hours Awarded: Confirm alignment with accredited guidelines.
- Certificate Issue Date: Cross-check with provider records to validate authenticity.
- Issuer and Accreditation Details: Confirm these match official provider details and are accredited by recognised professional bodies.
Consequences of Tampering with CPD Certificates
Advisors considering fraudulent manipulation of their CPD certificates risk significant consequences. The short-term “gain” is heavily outweighed by:
- Debarment
- Regulatory penalties and disciplinary action
- Potential suspension or removal from professional bodies
- Long-term damage to professional reputation and credibility
Simply put, altering certificates isn’t just unethical, it’s easily detectable, carries significant repercussions, and undermines the trustworthiness essential for a sustainable career in financial services.
FSCA’s Recent Warning: A Critical Reminder
The FSCA’s recent public warning regarding an unethical CPD provider is a timely reminder that FSPs must exercise caution. It’s practice of issuing certificates bearing invalid or misappropriated FPI credentials exposes a dangerous loophole.
The FSCA explicitly states:
“The FSCA urges financial institutions to verify the accreditation of CPD providers purporting to assist with the fulfilment of competency requirements under the FAIS Act with the relevant professional bodies before entering into any agreements.”
Failure to comply could mean that CPD requirements are not met, leaving FSPs non-compliant and exposed to regulatory action.
Growth in Motion – Trusted, Accredited, Committed
Growth in Motion is an accredited CPD provider, authorised by several professional bodies. Our commitment to integrity, rigorous standards, and authenticity means every certificate issued is legitimate and verifiable.
As an FSP, choosing Growth in Motion means you align yourself with a provider whose credibility is recognised and trusted throughout the financial advisory community.
Conclusion – Be Vigilant, Be Proactive
Don’t compromise your professional reputation or risk regulatory penalties. Be proactive in verifying CPD certificates and choose only accredited, trustworthy providers. At Growth in Motion, we stand ready to support your commitment to integrity and compliance.
For more information or verification of any Growth in Motion CPD certificate, contact our dedicated support team today at cpd@growthinmotion.co.za or visit our website https://gimacademy.africa
Stay safe. Stay compliant. Stay trusted.