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Continuing Training

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1. What are the continuing professional development (CPD) requirements for subsidiary intermediaries (SIs)?

Under the Guidelines on Continuing Training for Subsidiary Intermediaries (effective on 1 January 2024), an SI is required to attend 15 hours of CPD activities between 1 January and 31 December of each calendar year of which 4 hours must be core CPD activities approved by the MPFA.

 

Where an individual is newly registered as an SI on or after 1 April in a calendar year, the total number of hours of CPD activities (including core and non-core CPD activities) and the number of hours of core CPD activities required in that calendar year are pro-rated as follows:

 

Date of registration
Total hours
Minimum hours of core CPD activities
1 January to 31 March
15

4
1 April to 30 June

12

4
1 July to 30 September

8

4
1 October to 31 December
0
0
2. Does the MPFA recognize CPD activities taken prior to the registration of a subsidiary intermediary (SI)?
Under the Guidelines on Continuing Training for Subsidiary Intermediaries (effective on 1 January 2024), all CPD activities taken from 1 January to 31 December will be recognized for fulfilling CPD requirements of the same calendar year.  For example, if an individual is registered as an SI in August 2024, the CPD activities taken in January 2024 can be recognized.
3. If a subsidiary intermediary (SI) is not attached to any principal intermediary (PI), is he/she required to comply with CPD requirement during such period?

Yes, an SI is required to comply with the CPD requirements for so long as he/she remains registered as an SI, even though he/she is not attached to any PI. This also includes any period of suspension of registration as an SI, suspension of approval of attachment to a PI, or revocation of approval of attachment to a PI.

 

4. What are the consequences of failing to comply with the training requirements specified by MPFA?

If a subsidiary intermediary (SI) fails to complete the required training, his/her registration may be suspended. If the SI still fails to complete the training within 30 days after the start of this suspension, his/her registration will be revoked.

 

The SI will need to re-take and pass the MPF Intermediaries Examination if he/she wishes to be registered again.

5. What activities can subsidiary intermediaries participate in to meet the core training requirements?
Only activities that have obtained prior approval from MPFA will be recognized as core CPD hours. The MPFA publishes a List of Currently Approved MPF Core CPD Activities  on its website to assist in this.
6. Does the MPFA recognize (for CPD purposes) internal training organized by service providers?

For core subject areas, subsidiary intermediaries (SIs) must participate in core CPD activities that have obtained prior approval from MPFA.  Service providers can submit the relevant course information to MPFA for approval.  Please refer to the Quality Assurance Aid for MPF Core CPD Activities  for details.

 

For non-core subjects, internal training is acceptable.

7. Will study hours used in preparation for the MPF Intermediaries Examination be counted as CPD hours?
No.
8. For trainers who are also registered as subsidiary intermediaries, will the MPFA recognize their training hours as CPD hours?
Yes. Under the Guidelines on Continuing Training for Subsidiary Intermediaries (effective on 1 January 2024), trainers in any of the qualified core/ non-core CPD activities can earn CPD hours based upon the actual length of time which the trainers have taken part in the activities. Each teaching hour is equal to 1 CPD hour.
9. Does the MPFA recognize CPD activities that are repeated activities of the same nature or same content?
Yes. Under the Guidelines on Continuing Training for Subsidiary Intermediaries (effective on 1 January 2024), core/ non-core CPD hours will be counted if they are qualified CPD activities.
10. How should subsidiary intermediaries (SIs) report the number of CPD hours they have completed during the year?
An SI is required to report, in an annual return to MPFA, the number of core and non-core CPD hours undertaken in the preceding calendar year. In addition, SIs are required to keep these records for a minimum of three years as MPFA may inspect the documentary evidence.
11. Does a subsidiary intermediary (SI) need to provide all attendance evidence of continuing training to MPFA in an annual return?
An SI is not required to provide all relevant attendance records to MPFA in an annual return. However, they are expected to maintain the records of having attended continuing training activities. Where necessary, the SI may be required by the MPFA to produce records to prove compliance with the training requirement.
12. If a subsidiary intermediary has earned CPD hours in excess of the number of requisite CPD hours in any one calendar year, can the CPD hours be carried forward to the following year?
No.

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