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Moonstone Monitor - 22 February 2018 |
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Paul Kruger
Author/Editor |
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Procrastination is the art of keeping up with yesterday – Don Marquis |
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Distributed to 50,050 subscribers.
To advertise with us
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From the Crow's Nest |
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The Essentials of CPD |
If we had to draw up a hit parade of enquiries received from readers,
debarments would be top of the pops, closely followed by CPD – continuous
professional development.
This is not surprising as some naughty training service providers used this
quite extensively to market their services despite the fact that, for the
majority of advisers, it will only become a reality from 1 June 2018.
What is CPD?
Advisers will be obliged to perform CPD activities during a “CPD cycle”. This is
a period of 12 months commencing on 1 June of every year and ending 31 May of
the following year, starting on 1 June 2018.
A "CPD activity" is a verifiable activity that is accredited by a professional
body who also allocates an hour value or a part thereof to the activity.
Activities performed towards a qualification and “product specific training”
does not qualify for CPD points, but “class of business” training does.
Who is liable?
Under the old dispensation, CPD would logically have followed after completion
of the level 1 and 2 regulatory exams. The latter has now been replaced by
“Class of Business” and “Product Specific” training. Anyone not working under
supervision as at 1 April 2018 is exempt from the last two, except where they
add a new class of business, or where there are changes to a specific product
they advise on. This means that they will become liable to perform the required
number of hours’ CPD activities towards their first CPD cycle, starting on 1 June 2018, and ending 31 May 2019.
The expectation is that those appointed after 1 April 2018, as well as those
working under supervision on this date, will become liable for CPD activities
only after completing their other competency obligations under the Fit and
Proper Determination.
The following people are specifically excluded from CPD training:
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a category I FSP, its key individuals and representatives authorised who only
render financial services in respect of the financial products: Long-term
Insurance subcategory A and/or Friendly Society Benefits; and
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a representative of a Category I FSP that is appointed to only render a
financial service in respect of a Tier 2 financial product; and/or render an
intermediary service in respect of a Tier 1 financial product.
General requirements
A FSP, key individual and representative must maintain the required competence
to render the financial services for which it is authorised. In order to do
this, it must comply with the minimum CPD requirements set out below.
In addition you have to ensure that the type and combination of CPD activities
undertaken are relevant to the functions and roles you perform, contribute to
the skill, knowledge, expertise and professional and ethical standards required
and address any identified needs or gaps in:
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the technical knowledge of the FSP, key individual and representative;
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the generic knowledge and understanding of the environment in which the
financial service is rendered or managed or overseen;
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the knowledge and understanding of applicable laws; and
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adequately takes into account changing internal and external conditions
relevant to and the financial products for which the FSP and its members are
authorised.
Specific CPD requirements
A FSP must establish and maintain policies and procedures on CPD that indicates
how the FSP, key individual and representative will -
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maintain knowledge and skills that are appropriate for their activities and
responsibilities;
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update their knowledge and skills; and
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develop new knowledge and skills to assist with their current functions and
responsibilities or functions contemplated in the future;
In addition training plans must be drawn up for each CPD cycle to ensure that
CPD -
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is relevant and appropriate for the services rendered by the FSP, key
individual and representative;
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addresses any identified needs, knowledge and skills gaps; and
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continually improves the professional standards and practices of the FSP, its
key individuals and representatives.
Minimum CPD hours
This is determined by the make-up of your business. Where you render:
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a single subclass of business within a single class of business, you must
complete a minimum of 6 hours of CPD activities per CPD cycle;
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more than one subclass of business within a single class of business, you must
complete a minimum of 12 hours of CPD activities per CPD cycle; and
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more than one class of business you must complete a minimum of 18 hours of CPD
activities per CPD cycle.
We strongly advise you to study the
actual details on CPD contained in the
Determination, which we have extracted for your ease of reference.
NB Please note that there are still a number of areas where the FSB will provide
more practical guidelines on CPD. As always, we will keep you updated when it
becomes available, so please be patient. |
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Your Practice Made Perfect |
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Transitional arrangements for Reps under supervision |
Board Notice 194 (Determination of Fit and Proper Requirements)
stipulates that a “…FSP and representative must, prior to the rendering
of any financial service in respect of a particular financial product,
complete
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the class of business training; and
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product specific training,
relevant to that financial product for which they are authorised or
appointed…”
What about those people already appointed and working under supervision?
Class of Business training
A representative working under supervision on 1 April 2018, as well as
those appointed between this date and 31 July has 12 months from 1 August 2018 to comply with the class of business training requirements
for the financial products in respect of which they are working under
supervision. In other words, they need to have completed Class of
Business training by 31 July 2019.
Product Specific training
A representative working under supervision on 1 April 2018, or appointed
during April 2018, has three months from 1 May 2018 to comply with the
product specific training requirements.
Continuous Professional Development
The new Fit and Proper Board Notice kicks in from 1 April, and states
that a representative under supervision will have to comply with CPD
from 1 June 2018.
We anticipate that the new Supervision Board Notice will be published
prior to the 1st of April and that the Board Notice will provide that
the CPD Cycle for a Representative working under supervision will only
commence once the other requirements have been met. |
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Waterwise Tips
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The terrible drought experienced in a number of provinces has led to
remarkable innovation by those affected by it. Those of us with access
to filtered water may want to note the information below on the reuse of
plastic containers.
You aren’t supposed to reuse the plastic bottles that water and soda
come in. These bottles, which typically have a plastic identification
code (PIC) of 1, are usually made from a plastic called polyethylene
terephthalate, PET, or PETE. PET can be difficult to clean and is
somewhat porous. Bacteria can easily grow on the surface of PET
containers, especially after it is covered with film from our lips and
backwash. While PET is rather durable, it can begin to degrade,
particularly after being exposed to heat, sunlight, or prolonged use.
Furthermore, chemicals that are used in producing plastics can migrate
into foods or liquids during use. Some types of plastic (PIC #3, #6,
and #7) are more likely to release harmful chemicals, while others (#2,
#4, and #5) are more durable and able to stand up to repeated use. When
used correctly, the amount of chemicals that leach from any plastic is
minimal. However, when plastics are used incorrectly, higher levels of
chemicals can be released.
That said, it is the appropriate use of plastic containers that I want
to focus on. Generally, safe, reusable plastic containers should have a
#2, #4 or #5. Recycle these containers when the plastic cracks, scuffs,
scratches, or becomes cloudy or discoloured. These containers are not
designed to last forever and need to be replaced over time. Finally,
avoid exposing these containers to excessive heat or sunlight.
Click here to download a
PFD copy of this article to share with clients
and friends. |
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Technologically Speaking
Moonstone Information Refinery
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Email signatures under the looking glass
by Janine Geldenhuys |
How does a standard electronic signature differ from the Advanced
Electronic version?
According to Neil Summers, Head of Sales at Moonstone, it is
important to understand the legality of e-signing, especially with
all the e-meeting technology offerings currently available, some
with transactional capability and digital signing functionality. He
recently shared his thoughts on the Standard Bank Bizconnect
platform.
“There are certain terms, definitions and concepts that an SME owner
or professional should be aware of when transacting digitally with
clients. The first concept is the difference between the types of
electronic signatures as defined in South African law, and the
second is contract legality.”
Read the full article to understand all the terms, definitions and
concepts when transacting digitally with clients.
Janine Geldenhuys is a communication officer at Moonstone
Information Refinery.
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Regulatory Examinations
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2018 RE Schedules updated |
Please note: Registration cut-off is 11 working days before date of exam. |
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FSB Regulatory Exam Update |
The amended requirements contained in the 2017 Determination of
Fit and Proper Requirements will have a substantial impact on
the content of the study material for the REs.
The FSB’s
FAIS Information Circular 1/2018 confirms a number of
matters we discussed since the publication of the new Fit and
Proper Determination, which comes into effect from 1 April 2018.
Certain questions in the RE 1 (key individuals) and RE 5
(representatives) will change to align with the new regulations.
Current Version of RE 1 and RE 5
Persons already registered to write the regulatory examination
BEFORE or on 29 March 2018, will still write the current version
of the regulatory examination (without the updated questions
included).
The last date for registration to write on 29 March 2018 is
close of business on 13 March 2018.
Updated Version of the RE 1 and RE 5
Persons who registered to write the regulatory examination ON or
AFTER Tuesday, 3 April 2018 are obliged to write the new
version of the regulatory examination, which will contain the
updated questions. It is very important for these candidates to
ensure that they use updated preparation material that is
aligned with the qualifying criteria in Annexure Four of Board
Notice 194 of 2018.
Study Material
The updated FSB Preparation Guide for RE 1 and RE 5, together with
the relevant legislation, and the relevant Training Manuals from BANKSETA/INSETA
may not be available at the time that the
updated RE 1 and RE 5 roll out on 3 April 2018 in which case
candidates will have to incorporate BN 194 of 2017 in their
study material. |
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Careers Platform
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Are you hiring? Advertise your position on Moonstone’s Career Platform
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The Moonstone website -
www.moonstone.co.za
- enjoys an average of 20 000 visits and approximately 39 000 page views per month. |
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Moonstone boasts an exclusive newsletter mailing list of over 50000
dedicated financial decision makers who receive 2 newsletters per week. |
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Our audience is relevant and industry specific: individual and corporate advisors and brokers in the following financial sectors:
Investment, Risk, Healthcare, Banking, Retirement, and Insurance. |
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In Lighter Wyn |
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How the Internet Started |
Please do not Google or check this with Snopes. They will lie to you.
Trust me!
In ancient Israel, it came to pass that a trader by the name of
Abraham Com did take unto himself a healthy young wife by the name
of Dorothy. And Dot Com was a comely woman, large of breast, broad
of shoulder and long of leg. Indeed, she was often called Amazon Dot
Com.
And she said unto Abraham, her husband, "Why dost thou travel so far
from town to town with thy goods when thou canst trade without ever
leaving thy tent?"
And Abraham did look at her as though she were several saddle bags
short of a camel load, but simply said, "How, dear?"
And Dot replied, "I will place drums in all the towns and drums in
between to send messages saying what you have for sale, and they
will reply telling you who hath the best price. The sale can be made
on the drums and delivery made by Uriah's Pony Stable (UPS)."
Abraham thought long and decided he would let Dot have her way with
the drums. And the drums rang out and were an immediate success.
Abraham sold all the goods he had at the top price, without ever
having to move from his tent.
To prevent neighbouring countries from overhearing what the drums
were saying, Dot devised a system that only she and the drummers
knew It was known as Must Send Drum Over Sound (MSDOS), and she also
developed a language to transmit ideas and pictures - Hebrew to the
People (HTTP).
And the young men did take to Dot Com's trading as doth the greedy
horsefly take to camel dung. They were called Nomadic Ecclesiastical
Rich Dominican Sybarites, or NERDS Lo and behold, the land was so
feverish with joy at the new riches and the deafening sound of drums
that no one noticed that the real riches were going to that
enterprising drum dealer, Brother William of Gates, who bought off
every drum maker in the land. Indeed he did insist on drums to be
made that would work only with Brother Gates' drum heads and
drumsticks.
And Dot did say, "Oh, Abraham, what we have started is being taken
over by others." And Abraham looked out over the Bay of Ezekiel, or
eBay as it came to be known. He said, "We need a name that reflects
what we are."
And Dot replied, "Young Ambitious Hebrew Owner Operators." "YAHOO,"
said Abraham. And because it was Dot's idea, they named it YAHOO Dot
Com.
Abraham's cousin, Joshua, being the young Gregarious Energetic
Educated Kid (GEEK) that he was, soon started using Dot's drums to
locate things around the countryside.
It soon became known as the Geek’s Own Official Guide to Locating
Everything (GOOGLE).
That is how it all began. And that's the truth.
No one can make up stuff like this.
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Tel: +27 21 883 8000 | Fax: +27 21 883 8005
info@moonstoneinfo.com
www.moonstone.co.za
P.O. Box 12662, Die Boord, Stellenbosch, 7613, Republic of South Africa
Disclaimer:
Services and products advertised by external product suppliers in
this newsletter are paid for by the respective suppliers. Moonstone
does not endorse any opinions, conclusions, data, products, services
or other information contained in this e-mail which is unrelated to
the official business of Moonstone and furthermore accepts no
liability in respect of the unauthorised use of its e-mail facility
or the sending of e-mail communications for other than strictly
business purposes.
The complete disclaimer can be accessed
here.
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©2015 Moonstone. All rights reserved. |
