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Financial Institutions Urged to Verify Validity of CPD Providers

The Financial Sector Conduct Authority (FSCA) has been become 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.

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 purpose of this communication is not for the FSCA to provide a view on either the business practices of LearnOn or whether the content and learning outcomes of its programmes are aligned with other accredited CPD 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 requirements as outlined in Board Notice 194 of 2017.

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