FANews
FANews
RELATED CATEGORIES

Continuing Professional Development (CPD) - What you need to know

01 February 2013 Charmaine Koch, IISA

CPD is a means of staying up to date with current market activity, changes in legislation and practice, changes in areas of specialisation, or simply furthering studies in qualifications related to your market.

For professionals with professional designations it is a means of jealously guarding their profession and committing to maintain a standard of knowledge.

CPD can take place in many different ways. Some of these ways include self-study and reading, or attendance at external programmes or sessions. Therefore, CPD is something that should be carefully planned, budgeted for and thoroughly thought through in terms of each person’s relevance and purpose.

CPD Requirements

There are two different sets of requirements in the financial services industry. Requirements for professional members of professional bodies, and those for FAIS requirements. As a professional body the IISA have concentrated on ensuring that by meeting your professional requirement, you have also met your regulatory requirement.

The IISA requirement for professional members is 30 hours per annual cycle, running from July, 1 to June, 3 annually.

The FAIS requirement is said to be either:
? 10 hours per annum for personal lines,
? 15 hours per annum for commercial lines, or a person working with both personal and commercial lines;
? and 20 hours per annum for a person working in long term insurance, health insurance, or investments, or a person working across any of these and short term insurance categories.

Thus, if you work across a multiple of these sub-sectors, the higher value is applicable. The CPD requirement is not cumulative across these categories. The FSB, however, have not yet announced the start of these requirements, so only the Professional Body CPD requirements are applicable as at the date of this publication.

What type of activities am I required to do?

The IISA have a CPD calendar of events on their website www.iisa.co.za for planning purposes, for members to consult.

These events include conferences, seminars, courses, workshops, and qualification studies. All that must be verifiable. The calendar will be updated as more events are planned.

Should you:
1. Author any articles for publications relating to the industry, which are published, you can submit the article;
2. Update or author any learning material relating to the industry, you can submit the title of the material;
3. Provide any lectures or presentations on industry related topics, you can submit the agenda;
4. Participation on industry committees; you can submit the front page of the minutes indicating your attendance at the meeting.

With a summary of your time spent, we can evaluate the relevant CPD recognition.

How much will CPD cost?

The critical issue when considering the costs is to ensure that you choose the activities most relevant to you, as not all CPD activities require a registration fee. Some companies have also registered their internal training programmes, which will also not require a registration fee. So, consider what your company communicates internally as well.

What is my CPD activity? And attendance recorded?

All of the companies organizing and providing CPD activities are required to register your attendance with the IISA.

The IISA then record the CPD for each person on the IISA System. Once the FSB systems are online, the IISA will do regular uploads to the FSB system of all recorded CPD.

For compliance purposes, professional members have free access to their CPD record via the IISA website, whereas non-members may be asked for a nominal fee to access their CPD record. Company reporting is also available from the IISA upon request.

Recording of qualification study

Please note that due to confidentiality laws, educational institutions may not provide the IISA with individual records, therefore it is necessary that individuals submit their statement of results for successfully completed subjects to be recorded for CPD purposes.

Quick Polls

QUESTION

Do you believe the short term industry should be changed to that of an accountable institution?

ANSWER

Yes, it will assist in tracking criminal trends within the insurance industry, thereby assisting regulators in their fight against fraud
No, it will be costly and onerous
Its just another regulatory hurdle the industry will have to tackle
A E fanews magazine
FAnews November 2019 Get the latest issue of FAnews

This month's headlines

It’s time to go overweight, heart!
A holiday should not be stressful
Should brokers participate in claims investigations?
Offshore investing to finance education
The whole cake… or rather one slice at a time
Non-disclosures: what you need to know
Medical schemes’ average increases for 2020
Subscribe now