CFP Certification Renewal
Policy and Guidelines on CPD Requirements

CFP® Certification Renewal Policy and Guidelines on Requirement

A. CERTIFICATION RENEWAL AND ONGOING CERTIFICATION REQUIREMENTS

All CFP® certificants are required to renew their certification annually in order to continue using the CFP marks. To renew their certification, they must maintain technical competence and fulfill ethical obligations. Once certified, CFP® certificants must fulfil a biennial continuing education requirement of 30 hours to stay current with developments in the financial planning profession and better serveclients. Under MAS Notice FAA-N13 and SFA 04-N09, appointed representatives are required to undertake structured Continuing Professional Development CPD), which includes a minimum of 6 training hours in Ethics and 8 training hours in Rules and Regulations (referred to as Core CPD Hours)
annually.

In addition to the annual continuing education requirement, all CFP certificants voluntarily disclose any public, civil, criminal or disciplinary actions that may have been taken against them during the previous year as part of the renewal process. With the consent of all CFP certificants, FPAS is able to disclose CFP certificants’ certification status, date of certification, professional standing and history of disciplinary actions as a CFP certificant and the date of ceasing to be a CFP certificant (if applicable) to the public.

Renewal Period

The one year certification period is by their certification approval date. All current CFP certificants may log-in to their FPAS account and submit the renewal application form and agreed on the Certification Agreement online with appropriate fees to FPAS via PayPal upon receipt of Renewal Notification email from FPAS. CFP certificants will receive three notifications via email at 90, 60, and 30 days before their certification is set to expire. These notifications serve as a reminder for them to take action and prevent any potential reinstatement fees

Consequences of Non-renewal

CFP certificants who miss the certification deadline, will not be listed at the CFP directory at FPAS website → Consumer → Find Me a Planner webpage upon expiration of said certification. If the certification is not renewed, the certification expires and any right to use the marks will terminate upon expiration of said certification. Reinstatement fees will be imposed in the event CFP certificants apply for renewal after the deadline.

Current Reinstatement Policies

CFP certificants who miss the renewal deadline can still apply for renewal online, log-in their and paying a reinstatement fee with completed information and signed the Certification Agreement online. The reinstatement fees vary depending on the lapsed period of their certification.
a) Reinstatement fees with 9% GST on and after 01 Jan 2024

Certifications Lapsed ≤12 months Lapsed ≤ 5 years Lapsed > 5 years
AFP®, AWPCM S$239.80* S$370.60* S$501.40*
CFP® S$359.70* S$610.40* S$861.10*

Note: *All fees are inclusive of Admin fee and GST.

❑ For those former CFP certificants who have not reinstated their CFP certifications within 3 years after certification expiration, they will have to email support@fpas.org.sg on their appeal for certification renewal.
❑ FPAS certification team shall reply within 5 working days upon submission of the completed Reinstatement Application Form and payment receipt. The outcome of the application will be informed through email.

B. GUIDELINES ON CONTINUING PROFESSIONAL DEVELOPMENT (CPD) REQUIREMENTS

Preamble

Continuing Professional Development (CPD) is a form of recertification and is required for CFP certificants to renew their CFP certifications and continue using the CFP marks. CFP certificants must meet the renewal standard of minimum 30 training hours biennial (6 out of 30 training hours must be in respect of Ethics; or Rules and Regulations, or both, as the case may be). Courses in Ethics and Rules & Regulations must be accredited by Institute of Banking and Finance (IBF) to be counted toward Core CPD hours. They are required to submit their CPD hours through IBF portal by 31 December yearly to ensure that his certification status will be renewed automatically.

Objectives

To keep abreast of developments in the financial advisory industry and update their skills and knowledge in relation to the type of financial advisory services they provide.

CPD Requirements

All IBF-certified individuals are expected to achieve a minimum of 15 Continuing Professional Development ("CPD") hours annually. Details on eligible CPD activities can be found here: IBF Certification Terms and Conditions

C. UPDATES AND CHANGES

CFP certificants should observe and follow the current renewal policies and procedures set out in the CFP® Certification Renewal Application Form in use.

FPAS will review and update the re-certification requirements and policies as and when needed.

Therefore, CFP certificants are advised to closely observe the latest announcements on FPAS

website, and pay specific attention to notices sent to them by FPAS.

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