Revised Guidelines VI.4 on Continuing Training for Subsidiary Intermediaries (CPD Guidelines)

On August 9, 2023, the Mandatory Provident Fund Schemes Authority, MPFA, published a circular (SU/CCO/2023/003) addressed at subsidiary intermediaries (SIs) as regards their Continuing Professional Development (CPD) (training) requirements. Specifically, the MPFA informs that it has issued a revised version of its Guidelines on Continuing Training for Subsidiary Intermediaries which will be effective on January 1, 2024. The revisions are aimed at enhancing the professionality and competence of SIs and include the following:
– the minimum mandatory CPD hours per reporting year are increased from previously 10 hours to 15 hours;
– the CPD obligations in relation to core CPD activities are increased from two hours to four hours annually; and
– core CPD activities consisting of approved courses, seminars, lectures, or conferences will now cover two more subjects, namely “ethics” and “regulatory compliance”.
According to the MPFA, principal intermediaries need to take adequate measures to monitor and ensure that their SIs comply with the new CPD requirements from 2024 on.