Continuous Professional Development
It has now been 8 months since the implementation of Continuous Professional Development by the FSCA and so there are only 4 months left to meet the CPD requirements.
Judging by the number of queries we are receiving, there seems to be a lot of confusion in the marketplace about what counts as CPD hours and where you can go to get these CPD hours. Our compliance team has put together a short summary to assist you.
To summarise what is required:
WHO HAS TO OBTAIN CPD REQUIREMENTS?
All representatives on a licence
NEW: Representatives under supervision for all sub-categories are now exempt from obtaining CPD hours until they have completed their qualification, Class of Business and RE exam. (Board Notice 86 of 2018, effective 1 February 2019)
WHAT IS A CPD ACTIVITY?
A CPD activity is a VERIFIABLE activity which has been ACCREDITED by a professional body which has allocated a value in hours to that activity.
The FSCA’s CPD cycle runs from 1 June to the 31 May every year.
HOW MANY HOURS OF CPD IS NEEDED PER CYCLE?
You are all required to obtain 18 hours of CPD activities.
CPD RECORD KEEPING
The duty to keep records lies with the FSP, who must within 30 days of the training occurring record it in the competence register of the FSP or the representative.
SO WHERE CAN YOU OBTAIN THESE CPD HOURS?
Please note that Product Training and activities performed to obtain a qualification (assessments, examinations and assignments for example) do not qualify for CPD hours.
Here are some suggestions with regards to obtaining your CPD hours:
- Class of Business modules
Each Class of Business module carries CPD hours. Depending on the module which you are completing, these can range from 3 hours to 9 hours.
There are several training providers offering Class of Business training and it is mostly online, such as Moonstone and Milpark
www.milpark.ac.za – search for CPD and Class of Business
www.moonstone.co.za – on their home page is a tab for qualifications and courses
- Product Supplier seminars and online activities
Many of the product suppliers hold seminars or workshops which have been approved and allocated CPD hours (or points – for your purposes 1 point = 1 hour)
Talk to your broker consultants or contacts within the product suppliers and attend these workshops.
There is usually no charge for the workshop and provided you sign in at the beginning and stay for the full workshop, a certificate will be issued advising you of the number of hours you have received.
Some of the product suppliers also have online courses which you can complete to obtain CPD hours.
The FPI offer a number of CPD related activities:
- Events in each region on various topics – you can choose the ones which interest you.
- Online courses
The FPI have also put together a CPD package which you can register for which is made up of a combination of webinars and online courses.
Visit the FPI website www.fpi.co.za to learn more.
- The Compliance Learning Centre
The Compliance Learning Centre offers CPD online courses which can be done individually or bought as a bundle. They offer various courses from Long Term Insurance, Short Term Insurance to Evidencing Treating Customers Fairly. They offer a single fee payment which gives you access to a number of courses or a monthly subscription and offer discounts to practices where there are a number of representatives or key individuals using their online courses.
- RISK AFRICA/MOONSTONE/COVER MAGAZINE
These magazines allow you to claim CPD for the reading that you complete with them. The reading alone is not enough for you to claim hours. You need to visit their website and register for the CPD hours. Once you have completed your reading, you need to complete the multiple-choice questions about the articles listed and submit your answers. You will then be able to obtain CPD hours.
PLEASE NOTE THAT THESE ARE ONLY SUGGESTIONS BASED ON OUR RESEARCH. IF YOU HAVE ANY OTHERS, WE WOULD LOVE FOR YOU TO PASTE THEM ON THE COMMENTS BELOW , SO THAT WE CAN BUILD UP A DATABASE OF CPD ACTIVITIES FOR EVERYONE.