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Financial institutions urged to vet CPD providers amid credential concerns
The Financial Sector Conduct Authority (FSCA) has issued a nationwide warning to financial institutions
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The Financial Sector Conduct Authority (FSCA) has issued a nationwide warning to financial institutions, urging them to carefully verify the credentials of Continuous Professional Development (CPD) providers before engaging their services.
This warning comes after the financial sector watchdog "became aware that an entity known as LearnOn (Pty) Ltd (Learn On) has been offering continuous professional development (CPD) services to Financial Services Providers (FSP) without the necessary authorisation".
"The services offered include the provision of assistance to FSPs in meeting their CPD competency requirements as set out in the Determination of Fit and Proper Requirements for Financial Services Providers, 2017 (Board Notice 194 of 2017) issued under the Financial Advisory and Intermediary Services Act, No. 37 of 2002," FSCA said.
CPD is a required rule for financial services providers (FSPs). It helps make sure that key staff and representatives keep their knowledge and skills up to date so they can do their jobs well.
Meeting the minimum CPD requirements is essential to stay compliant with the law.
"It appears that LearnOn has issued CPD certificates bearing the logo of the Financial Planning Institute of South Africa (FPI) without authorisation and has used FPI reference numbers that are either invalid or linked to other approved CPD providers. Attempts to reach out to Learn On regarding these concerns via email and telephone have been unsuccessful," the financial sector watchdog said.
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The financial watchdog added that it was not commenting on LearnOn's business practices or the quality of its training programmes.
"However, the FSCA deemed it important to bring this matter to the attention of financial institutions and urge them to verify the accreditation of CPD providers purporting to assist with the fulfilment of competency requirements under the FAIS Act with the relevant professional bodies before entering into any agreements in this regard".
Failure to verify CPD providers and programmes may result in financial institutions not meeting their CPD.
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