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 hat 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.
With effect from 1 Jan 2016, appointed representatives of a licensed FA and exempt FA engaged in the provision of FA services needs to undergo at least 30 hours of structured* CPD training on an annual basis. Out of the total number of CPD training hours, FA representatives are required to undergo at least 4 hours of training in Ethics and 8 hours of training in Rules & Regulations.
*Structured CPD training includes lectures, conferences, workshops and courses, which have clear training objectives and outcomes, and which are clearly documented and independently verified. This shall not include activities that are part of the job scope of an appointed representative, such as carrying out research on products and services for clients. However, product seminars prior to the launch of new products and e-learning courses may be counted towards structured CPD training hours.
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