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Competence requires :
FSP’s, key individuals, and representatives must adhere to the general competence requirements in section 12 of BN 194:
FSP’s must also adhere to the responsibilities of the FSP in section 13 of BN 194.
(e) undertake CPD to maintain and update the knowledge and skills that are appropriate for their activities
13 (3) An FSP must be able to demonstrate and record that it has evaluated and reviewed at regular and appropriate intervals-
13 (4) The evaluation and review contemplated in subsection (3) must, inter alia, take into account-
Section 13 (5) refers to the Competency Register that the FSP must establish and maintain. This register will in essence replace the Representative Register the FSPs have and must contain the following information of all key individuals and representatives:
FSP’s must ensure that KI’s and representatives complete CPD activities relevant to the financial services they rendered with consideration of the license categories and class of business that the KI and representative are licensed for.