Renew PI Cover
FSPs are reminded to check the status of their Professional Indemnity (PI) cover and to renew same if required. Failure to renew PI cover on time will result in a gap in cover which can cause the FSP to face the risk that any losses which occur during this period (prior to the renewal of the PI cover) could be rejected by the insurer. An FSP that does not have the required PI cover in place will be in breach of the FAIS requirements and could face regulatory action.
REMINDER that Masthead members enjoy competitive pricing and comprehensive benefits that have been specifically designed to suit the needs of independent financial advisors. Please contact your Masthead Regional Office for more information.
FSPs, KIs and Reps are reminded that the deadline to comply with the required number of CPD hours for the current CPD cycle has been extended to 31 August 2020.
Those FSPs, KIs and Reps that have already attained the required number of CPD hours for the current CPD cycle will have to wait for 1 September 2020 to begin accumulating CPD activities towards the requirements of the next CPD cycle. In the interim, these FSPs, KIs and Reps are advised to put a CPD Plan together in order to manage and plan ahead to ensure that the type and combination of CPD activities undertaken are relevant, contribute to the knowledge, skills and ethical standards of the FSP, its KIs and Reps and addresses any identified needs or gaps, and that the required CPD hours are timeously obtained.
CMS Online Portal
A reminder to FSPs licensed to render Health Service Benefits, that the manual system (hand delivery or email) to submit applications for CMS accreditation was given three months from 20 January 2020 to be phased out. Going forward all applications for CMS accreditation or the renewal thereof must be done via the CMS online portal. Individual brokers and broker organisations can renew accreditation commencing four months before the expiry of the current accreditation via the portal.
Read our previous article on the CMS online portal and how to access it.