Financial Advisory and Intermediary Services Act 2002 (Act No. 37 of 2002)

Determinations

Purchase

(1)	An FSP, key individual and representative must—

(a)	maintain the required competence to render or manage or oversee the financial services for which the FSP, key individual and representative are authorised, approved or appointed;

(b)	comply with the minimum CPD requirements set out in this Chapter;

(c)	ensure that the type and combination of CPD activities undertaken—

(i)	are relevant to the functions and role of the FSP, key individual and representative;

(ii)	contributes to the skill, knowledge, expertise and professional and ethical standards of the FSP, key individual and representative;

(iii)

addresses any identified needs or gaps in—

(aa)	the technical knowledge of the FSP, key individual and representative;

(bb)	the generic knowledge and understanding of the environment in which the financial service is rendered or managed or overseen; and

(cc)	the knowledge and understanding of applicable laws; and

(iv)	adequately takes into account changing internal and external conditions relevant to the classes and subclasses of business, the category of financial services and the financial products for which the FSP, key individual or representative is authorised, approved or appointed.

(2)	An FSP must establish and maintain policies and procedures on CPD that include:

(a)	how the FSP, key individual and representative will—

(i)	maintain knowledge and skills that are appropriate for their activities and responsibilities;

(ii)	update their knowledge and skills; and

(iii)

develop new knowledge and skills to assist with their current functions and responsibilities or functions contemplated in the future;

(b)	training plans for each CPD cycle to ensure that CPD—

(i)	is relevant and appropriate for the authorisation, approval and appointment of the FSP, key individual and representative;

(ii)	addresses any identified needs, knowledge and skills gaps; and

(iii)

continually improves the professional standards and practices of the FSP, its key individuals and representatives.

(3)	An FSP must—

(a)	within 30 days after the expiry of each CPD cycle, record in the competence register the—

(i)	CPD activities of the FSP, its key individuals and representatives; and

(ii)	reduction of CPD hours of a representative as contemplated in section 34;

(b)	calculate the total number of CPD hours completed by each person referred to in (a) as at the end of each CPD cycle;

(c)	obtain and retain relevant supporting evidence of the CPD activities recorded in the competence register;

(d)	record the dates of, reasons for and retain supporting evidence for, any decision of the FSP to reduce CPD requirements in accordance with section 34; and

(e)	retain the evidence referred to in (c) and (d) for a period not less than five years from the end of the CPD cycle concerned.