Frequent questions and answers
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 an advisory capacity must meet this requirement. It is to ensure that they maintain their competence requirements 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 must meet the CPD requirement.
Please consult your compliance officer to ensure you have the correct information.
You must 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.
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.
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12 months, starting on 1st June each year and running until 31st May the following year.
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. The Professional Body allocates a specific number of hours to the activity/programme/course.
No. Activities performed towards a qualification do not count towards CPD.
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.
No. Your CPD obligation will only start once you have achieved competency by passing the RE5 examination.
You do not do CPD while under supervision because you are still working towards meeting the competency requirements.
Your CPD obligation would have started as soon as you were fully competent – from 1st September onwards.
The minimum number of hours you must complete by the end of the cycle is adjusted pro rata according to the time left in the cycle when you started. If your work would usually require 18 CPD hours, then the adjustment would be 18 ÷ 12 (giving hours per month) x 9 ( Sep to May, remaining) = 13.5 hours.
Yes. The minimum hours of CPD that you must record depends on the Classes of Business and the subclasses that you manage or oversee, just as for a representative.
Yes, if the programme is accredited by a Professional Body.
None. Product specific training does not count 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.
Each representative, key individual, or natural person FSP must ensure that a suitable range of CPD activities is completed during 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 courses which are aligned with Board Notice requirements and are spread across the following categories:
- Professional Knowledge and Skills
- Regulatory Updates
- Market Understanding
As many as you wish, as long as 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.
Yes, all Growth in Motion’s CPD programmes meet the FSCA’s requirements for CPD. Please refer to our CPD courses on www.gimacademy.africa for the specific CPD hour allocation.
Growth in Motion is an accredited education provider with BankSeta. The registration number appears on the Certificate of Completion which is issued after successfully completing a CPD course.