CPD and Class of Business

CPD and Class of Business

The Milpark School of Financial Planning & Insurance offers the latest in Continual Professional Development (CPD) and Class of Business training. These online courses are designed with the practioner in mind, and will ensure that Representatives, Financial Services Providers and Key Individuals are up to date with the latest in industry best practice.

Milpark Education is an approved provider of Continual Professional Development (CPD) training by the Financial Planning Institute of South Africa.

 

About

What is a CPD activity?

Means an activity that is, accredited by a Professional Body; allocated an hour value or a part thereof by that Professional Body; and verifiable. It excludes an activity performed towards a qualification; and product specific training.

Who needs it?

FSPs, key individuals and representatives

By when is it effective?

Will be effective as from 1 June 2018 and then candidates will have a 12 month period to adhere to requirements.

CPD Hours

  1. A single subclass of business within a single class of business MUST complete a minimum of 6 hours of CPD activities per CPD cycle;
  2. More than one subclass of business within a single class of business MUST complete a minimum of 12 hours of CPD activities per CPD cycle;
  3. More than one class business MUST complete a minimum of 18 hours of CPD activities per CPD cycle;

Who is excluded?

  1. A representative of a Cat I FSP appointed to render financial services only in respect of the financial products: Long-term Insurance Sub cat A and/or Friendly Society Benefits; and
  2. A representative of a Cat I FSP that is appointed to only
  • Furnish advice in respect of a Tier 2 financial product; and or
  • Render an intermediary service in respect of a financial product

 

What is Class of Business Training?

Means the training referred to in respect of a class of business and which training is provided and assessed by an accredited provider or an educational institution eg. Milpark.

Who needs it?

A representative working under supervision has 12 months from the effective date to complete it.

By when is it effective?

Classes of business training will become effective as from 1 August 2018.

Who is excluded?

  1. A Cat I FSP, its key individual and reps that are authorized, approved or appointed to render financial services only in respect of the financial products: Long-term sub cat A and/or Friendly Society Benefits; and
  2. A rep of a Cat I FSP that is appointed to
  • Furnish advice or render an intermediary service in respect of a Tier 2 financial product; or Perform only the execution of sales in respect of a Tier 1 financial product provided that the requirements in section 229b)
  • are complied with
  • The competency requirements relating to product specific training contained in this Part do not apply to a Cat II, Cat IIA or a Cat III FSP.

 

Apply online for access to both CPD and Class of Business Short Course qualifications!

 
 
CPD Courses

Continuous Professional Development

Continuous Professional Development, as a competency requirement of the FAIS Act’s Fit and Proper Requirements, aims to ensure that financial services providers, key individuals and representatives maintain their required competence. The CPD cycle runs from 1 June to 31 May of every year.

The following table sets out the requirements*:

 

An FSP, key individual and representative who renders, manages or oversees financial services in respect of:  Minimum hours of CPD activities to be completed per CPD cycle:
A single sub-class of business within a single class of business 6 hours
More than one subclass of business within a single class 12 hours
More than one class of business  18 hours

 

*Requirements as set out in BN194 of 2017 

 

Milpark Education offers a bouquet of two-hour, six-hour and four-week online short courses relevant to the functions of the FSP, KI and Representative.

 

Courses aim to:

  • Contribute to knowledge, expertise, ethical and professional standards, or
  • Increase technical knowledge, or
  • Provide generic knowledge and understanding of the financial services environment and regulation, or
  • Provide updates on changes in the economic or the regulatory environment.

 

What you will get when registering for a Milpark online short course:

  • Access to online course page with online material
  • Depending on the topic:
    • Videos from industry experts guiding you through complex aspects of the material
    • Activities to complete to assess your own understanding and progress
    • Three attempts at the online assessments.
  • Online verifiable certificate available within 24 hours of completion.
  • Submission of the acquired CPD points to the relevant professional body.
Class of Business Courses

Classes of Business

The competency requirements set out in the FAIS Act require that financial services providers, key individuals and representatives complete Class of Business training.

 

Milpark Education offers Class of Business training in all nine classes:

  1. Short-term Insurance (Personal Lines)
    • Accident and health policy
    • Liability policy
    • Miscellaneous policy
    • Motor policy
    • Property policy
    • Transportation policy
    • Short-term reinsurance policy
  2. Short-term Insurance (Commercial Lines)
    • Accident and health policy
    • Engineering policy
    • Guarantee policy
    • Liability policy
    • Miscellaneous policy
    • Motor policy
    • Property policy
    • Transportation policy
    • Reinsurance policy
  3. Long-term Insurance
    • Assistance policy
    • Life risk policy
    • Life investment policy
    • Fund policy
    • Sinking fund policy
    • Long-term reinsurance policy
  4. Pension Fund Benefits
  5. Short-term and Long-term Deposits
  6. Structured Deposits
  7. Investments
    • Shares
    • Money market investments
    • Debentures and securitised debt
    • Bonds
    • Derivative instruments, warrants, certificates or other instruments
    • Securities and instruments
    • Participatory interest in a collective investment scheme
    • Participatory interest in a CIS hedge fund
    • Retail pension benefits
  8. Forex Investments
  9. Health Services Benefits

 

What we offer for each class:

  • Access to online course page with online material
  • Study plan
  • Videos from industry experts guiding you through complex aspects of the material
  • Printed study guides are also available on certain classes.
  • Corporate clients have the option to include or exclude this printed guide.
  • Three attempts at the online assessments
  • Online verifiable certificate available within 24 hours of completion.

 

What we offer to corporate clients:

  • Bulk registration and discounts
  • Access to corporate client interface with instant access to reports to monitor and track performance of employees
  • Submission of CPD points acquired to the relevant professional bodies
  • A dedicated client relationship manager.
How to apply
Please apply online via our online application process or call our Student Services team on 086 999 0001.