The Education and Training Committee of the FIA is finalising training and workshops for our members that will also be accredited for CPD requirements. The purpose of these workshops is to ensure that our members fully understand the interpretation, purpose and application of the new Determination of Fit and Proper Requirements for Financial Services Providers as published in Board Notice 194 of 2017.
The FIA Board approved this training intervention to ensure that our members remain fully compliant with the Fit and Proper competence requirements in support of the mission critical factors of the FIA which include supporting the relevance and sustainability of our members and enhancing membership value.
The first obligatory CPD cycle in terms of the Fit and Proper Requirements starts on 1 June 2018 and ends 31 May 2019. Most members will have to complete at least 18 hours of CPD accredited interventions during this cycle.
The FPi has approved a program on the new Fit and Proper Requirements and allocated 2 hours of CPD accreditation towards this workshop. As soon as the Education and Training Committee and ultimately the FIA Board approve our plans, including a fee our members and non-members will be charged for these workshops, we will communicate extensively to all members. We will, as far as possible, host these workshops at branch level.
The first workshop will be conducted by Joe Kotzé, FIA National Manager: Compliance, and will cover the following:
- FSCA mandate
- FAIS Act section 8A/9
- Fit and Proper requirements
- Honesty, integrity, good standing
- Minimum qualifications
- Regulatory examinations
- Continuous professional development
- Operational ability
- Financial soundness
- Transitional provisions
We are also considering service offerings by accredited providers to compliment the FIA training program that will include face-to-face training and workshops as well as online training that will be accredited for CPD purposes. These service offerings contain an element of discounted rates for FIA members to ease the financial burden brought about by compulsory CPD requirements. These accredited training providers also incorporate systems that will assist with the obligatory competence record keeping requirements placed upon FSPs.
CPD events must be verifiable which means that attendees will have to identify themselves by means of an ID, driving license or passport. Attendees must also sign an attendance register at entrance and at the conclusion of the workshop. This is necessary to issue a CPD certificate of attendance for recordkeeping purposes by all FSPs, as prescribed by the Board Notice.
We will soon provide more information on how members can go about planning for these events. Members are welcome to contact Joe Kotze (email or 012 665 0085) if there is any matter that needs further clarification.