One of the components of the revised Fit and Proper requirements released in December 2017 in Board Notice 194 of 2017 is Continuing Professional Development (CPD). This requirement became effective on 1 June 2018 and is an annual requirement going forward to remain Fit and Proper.
Sources of CPD can come from various professional bodies, such as IRMSA, the Institute of Directors, the Institute of Loss Adjusters, the Compliance Institute, Batseta, the IISA and/or the FPI. Other sources of CPD could be drawn from underwriting, claims or research reports in the market for which FSPs can apply for CPD approval. There is no specification by the regulator on which professional body must be approached, provided the activity is approved by a professional body. There is also no specification on the delivery method, meaning these activities could be online activities, face-to-face training or seminars, provided attendance and participation can be verified. Verification can be by an attendance register or an online assessment.
To read more about CPD requirements, download the December/January issue of RISKAFRICA magazine, available soon!
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