FAA CPD

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.

Effective Date

The minimum hours of structured CPD training requirement for appointed representatives is effective from 1 January 2016.

Who is Covered?

An individual who acts or holds himself out to be an appointed representative of a financial adviser (i) from 1 January 2016 or (ii) immediately before 1 January 2016 and continues to be so from that date.

Who is Exempted?

An individual who has been appointed as an appointed representative of any financial adviser for the first time, for the period starting on the date of his first appointment as an appointed representative and ending on the last day of the same calendar year.

For other circumstances under which the CPD requirements do not apply, please refer to MAS Notice FAA-N13 Para 33.

CPD Requirements

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.

Types of Financial Advisory service

Core CPD Hours

Supplementary¹ CPD Hours

Representatives who provide advice or arrange contract of insurance in respect of mortgage reducing term assurance policies and/ or group term life insurance policies.

6 training hours in respect of Ethics; or Rules and Regulations, or both, as the case may be;

* Only training hours of courses in Ethics or Rules and Regulations or both, as the case may be, which are accredited by IBF or SCI will be counted towards the Core CPD hours.

10 hours

Representatives who provide advice concerning any investment product, marketing of any collective investment scheme and arranging contract in respect of life policies.

24 Hours

¹Training 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.

Accreditation of Core CPD Courses

Only training hours of courses in Ethics or Rules and Regulations or both, as the case may be, which are accredited by IBF or SCI will be counted towards the Core CPD hours.

Please click here for details on how you can apply for your Ethics or Rules and Regulation courses to be accredited.

CPD Reporting

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.

Find Core FAA / SFA CPD Courses