Regulatory Alerts2019-03-27
FSCA Communication 2 of 2019 (FAIS): Continuous Professional Development
The Financial Sector Conduct Authority (FSCA) issues this communication to clarify and enforce continuous professional development (CPD) requirements for financial services providers, key individuals, and representatives under the Fit and Proper Requirements. Entities must complete a minimum of six, twelve, or eighteen verifiable CPD hours annually based on business complexity, ensuring all training is accredited by SAQA-recognized professional bodies, role-relevant, and systematically recorded in a competence register. The guidance mandates structured, gap-targeted learning rather than tick-box compliance, stipulating that non-compliant individuals must be removed from representative registers and face regulatory action until competence standards are restored.