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

Determination of Continuous Professional Development Requirements, 2008

Part II : Purpose of CPD

 

 

2. Subject to Part VII of the Determination of Fit and Proper Requirements, 2008, CPD is applicable to FSPs (who are sole proprietors), key individuals and representatives. The purposes of Continuous Professional Development are-

 

1) to ensure that FSPs (who are sole proprietors), key individuals and representatives develop and maintain professional competence in order to provide financial services of high quality in the public interest that will support the professionalisation of the financial services industry;

 

2) to ensure that the FSP (who is a sole proprietor), key individual and representative understand that the primary responsibility for competence vests in the individual, and that they have an obligation to develop and maintain their professional competence, relevant to the nature of their work and professional responsibilities; and

 

3) to assist an FSP (who is a sole proprietor), key individual and representative to render financial services with due care, competence and diligence and subject to a continuing duty to maintain knowledge and skill at a level required to ensure that a client receives competent professional service based on up-to-date developments in legislation, industry practice and development in respect of specific Categories and subcategories.