CPD Requirements for Appointed Representatives of Financial Advisers
As set out in the Guidelines on Fit and Proper Criteria (Guideline No.FSG-G01), competence and capability are criteria which are taken into account in considering whether a person is fit and proper.
Appointed representatives of financial advisers are therefore expected to undergo continuing education so as to keep abreast of developments in the financial advisory industry and update their skills and knowledge in relation to the type of financial advisory services which they provide.
In this regard, every appointed representative of a financial adviser must:
a) undergo structured CPD training which is relevant to the type of financial advisory services that he provides; and
b) obtain and retain relevant supporting evidence that he has completed the minimum hours of structured CPD training within the stipulated period.
For other circumstances under which the CPD requirements do not apply, please refer to MAS Notice FAA-N13 Para 33.
The following is a summary of core and supplementary CPD hours required for the different types of financial advisory service. For details, please refer to MAS Notice FAA-N13 Para 31.
6 training hours in respect of Ethics or Rules and Regulations, or both.
* Only training hours of courses in Ethics or Rules and Regulations accredited by IBF or SCI will count towards the Core CPD hours.
6 training hours in respect of Ethics or Rules and Regulations, or both.
* Only training hours of courses in Ethics or Rules and Regulations accredited by IBF or SCI will count towards the Core CPD hours.
1 Training under MediShield Life Scheme content, Shield Plan content, or a combination of both, as required under MAS Notice 117 (Training and Competency Requirement: Health Insurance) should be counted towards Supplementary CPD Hours.
Please click here for details on how you can apply for your Ethics or Rules and Regulation courses to be accredited.
With effect from 1 January 2016, a principal entity is responsible to:
a) calculate the total number of completed structured CPD training hours of each of its appointed representatives as at the end of each calendar year, and
b) maintain a register containing records of each of its appointed representatives’ total number of completed structured CPD training hours for each calendar year, and the principle must retain the register for a period of not less than 5 years from the end of the calendar year in which the appointed representative is appointed by the principal.
Contact
For enquiries, please email IBF at cpd@ibf.org.sg
