CONTINUING PROFESSIONAL
DEVELOPMENT (CPD)
WHAT IS CONTINUING PROFESSIONAL DEVELOPMENT (CPD)?
Continuing Professional Development (CPD) a programme of continuing education for Consultants, enabling them to acquire knowledge and achieve professionalism through a series of training activities and workshop environments; helping them to meet stringent knowledge requirements and technical proficiency as Consultants.
This programme is designed to ensure that the Consultants develop and maintain the technical and professional competency necessary, in providing good advice and services to their clients.
The CPD Programme is developed to ensure that the Consultants give the very best of their ability and adhere to the highest standards set by FIMM, hence the requirement for a high degree of benchmarking and standard setting within the industry.
FIMM is of the view that the expertise and knowledge requirements for Consultants should be industry related and broad-based, while also providing excellent people skills.
Objectives of the CPD Programme
- To maintain, and improve upon, knowledge and skill sets possessed by Consultants.
- To prepare Consultants in understanding industry developments and assess or explain the impact to clients as well as meeting the ever-changing market development and investors’ expectations.
- To provide confidence to the public that Consultants possess and continuously upgrade their competency and knowledge level to perform their duties.
FIMM CPD Tracker System
In March 2019, FIMM launched the FIMM CPD Tracker System. The objective of the system is to provide a single platform for Members and Distributors to maintain and access records on CPD activities and training programmes; and CPD points attempted/collected by their respective UTS and PRS Consultants. The FIMM CPD Tracker System enables FIMM and the industry to:
- Allow FIMM to administer applications and approval of CPD programmes/activities.
- Automate feeding of CPD records into FIMM’s registration system for the purpose of registration renewal.
- Make use of the CPD programmes/activities and CPD points for monitoring, assessment, analysis and audit purposes. The results will be used for the purpose of improving the effectiveness of CPD programmes/activities and its administration.
Who falls under the CPD requirements?
- According to Rule 7.1.1 of FIMM Consolidated Rules (FCR); a Consultant must obtain a minimum of 16 CPD points in a year before an application for renewal of his registration will be considered by FIMM.* Note: Consultant has been defined as an individual registered with FIMM and authorised to market and distribute Schemes (Unit Trust Schemes and Private Retirement Schemes) in the FCR.Therefore, all Consultants need to comply with such requirement including:
- Consultants who are the employees and/or independent individuals of a UTMC, IUTA, CUTA for purposes of marketing and distribution of Unit Trust Schemes; and
- Consultants who are the employees and/or independent individuals of a PRS Provider, IPRA or CPRA for purposes of marketing and distribution of Private Retirement Schemes.
CPD PROGRAMME
Only programmes that focus on the following areas are eligible for CPD points:
(a) Ethics and professional conduct;
(b) Regulations and guidelines, capital market products and operations, economics; and
(c) Sales and marketing, advisory skills and personal development skills.
A Consultant may acquire CPD points by taking one or more of the following activities:
| Item | Activities | Maximum CPD Points Allowed | Remarks |
| (a) | Attend CPD programmes approved by FIMM and conducted by:
|
16 (consist of at least 2 training programmes) |
(i) Physical Training Programmes (Face-to-face/Instructor-Led/Virtual Classroom):
(ii) Structured Online Training Programmes (e-Learning/online learning/podcast)
|
| (b) | Write and publish— (i) a book; | 16 | |
| (ii) articles in a business/financial publications recognised by FIMM. | 8 (4 points for each article) |
||
| (c) | Teach or speak on programmes approved by FIMM | 8 | 2 CPD points are given for 1 hour of teaching or speaking |
| (d) | Obtain any one of the following academic or professional qualification Academic Qualification
Professional Qualification
|
16 | |
| (e) | Pass any of the following modules conducted by FPAM or MFPC FPAM
MFPC
|
16 | 8 CPD points will be allocated to each of the following modules: FPAM
MFPC
4 CPD points will be allocated to each of the following modules: FPAM
MFPC
|