Exposure draft on CPD for financial services

  • Business
  • Wednesday, 01 Aug 2018

KUALA LUMPUR: The Financial Services Professional Board (FSPB) has issued an exposure draft for continuing professional development (CPD) for the industry. 

FSPB said on Wednesday the draft was to invite comments before the proposed standard was finalised for the financial services industry (FSI)+.

“The main objective in developing the standard (Standard) for the FSI is to provide a minimum requirement and good practice on CPD for professional bodies/associations,” it said. 

A standard on CPD which can be applied across the FSI will guide the CPD requirements for both professional bodies/associations and individuals through their respective memberships. 

The proposal to develop a standard on CPD for the FSI was initiated by FSPB at its board meeting in April 2016. 

This followed a draft CPD standard which was presented to a working group. The members of the group comprised representatives from professional bodies and industry associations covering the four sectors of banking, insurance, Islamic 

finance and capital markets. 

FSPB chairman,Tan Sri Dr Mohd Munir Abdul Majid said this exposure draft on CPD was a very important stage in developing the final document which the FSPB would release early next year. 

“I would urge members of the financial services industry to give their views and comments to ensure they are reflected as far as possible in the CPD process which will be part and parcel of professional life in our industry,”said 

“As emphasis on a high standard of professionalism and ethics increases, the quality of CPD must equally be enhanced,” added Munir.

FSPB board member Sir David Tweedie, pointed out that trust was the key to the success for any profession. 

“Professionals who fail to keep up to date with developments in the financial services sector not only do a disservice to themselves but also to their profession by eroding public confidence in the services provided.”

“Gaining a professional qualification is merely the beginning of a journey not the end. Continuing professional development is not optional -it is essential to ensure a professional remains competent to serve the public interest,” he added.

FSPB invites feedback from the FSI and public on the proposed Standard, particularly on the following: 

I. Recommended minimum amount of CPD; 

ii. Recommended requirements for CPD monitoring; 

iii. Recommendation to include Ethics as a core component of CPD; 

iv. Mutual recognition of CPD activities by Professional Bodies/Associations

Please submit any feedback to /fspb.comments@aif.org.my by Sept 14, 2018. The exposure draft on the CPD Standard is available at http://fspb.com

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