FAQ - CPWP Certification Renewal and On-going Professional Training (OPT)

CPWP Certification Renewal and On-going Professional Training (OPT)

1.      What are the OPT requirements?

Relevant Practitioners who have been certified as CPWP are required to complete 10 hours of PWM-related OPT every calendar year starting with the year after certification.   There is an annual renewal requirement for the CPWP certification which comprises 10 hours of OPT, of which 5 hours may include continuous professional training recognized by the SFC.  Out of the 10 hours of PWM-related training, a minimum of 2 hours should be on ethics and compliance.


2.      What if I fail to meet the annual OPT requirements?

Failure to meet the annual OPT requirements may result in the imposition of conditions such as a penalty on your OPT shortfall, suspension of your CPWP certification until condition(s) fulfilled, or revocation for repeated failures. 


3.      When a qualified practitioner changes jobs and moves to a Non-PWMA institution after being certified, can the individual apply for renewal of his/her CPWP status?

PWMA allows a qualified practitioner of a non-member financial institution to apply for CPWP renewal as long as the practitioner provides substantiation information for the trainings attended with official attendance records issued by the training providers.


4.      What are the types of activities that will qualify for OPT?

OPT courses need not be accredited and may be organized by relevant professional bodies, training institutes or PWM institutions. 


The means of attaining OPT shall follow the approach allowed for the continuous professional training recognized by the SFC, such as:

-          Attending classroom training

-          Attending seminars (for attending luncheon talks which normally last for 1 to 2 hours in total, 0.5 hours will be counted)

-          Conducting industry research

-          Giving lectures

       Sufficient records on the training and the OPT activities undertaken should be kept by the individuals for a minimum of 3 years and be made available upon request by PWMA.

5.      If I work for another company within a calendar year, what should I do with the OPT hours I have previously earned?

Relevant Practitioners may combine the OPT hours earned at different PWM institutions.


6.      Is OPT hours cumulative?

No, any OPT hours accumulated in any calendar year in excess of the minimum 10 hours cannot be carried forward to the next calendar year.


7.      Are there any fees for annual renewal of CPWP certification?

There is a non-refundable HKD1,000 fee for annual renewal of CPWP certification.


8.      How long does it take to process the application for the CPWP Certification Renewal?

It takes approximate 60 days to process upon receipt of the application form together with its substantiation information. More time may be required if further clarification is needed.



9.      Does the OPT requirement for the CPWP Certificate Renewal run on a calendar-year basis?

Yes, the OPT requirement runs on a calendar-year basis.

 

10.  Is it mandatory to attach documents when submitting the Application for CPWP Certification Renewal?

No, if application review and verification are made by a PWMA member firm, or a corporation or institution regulated or licensed under HKMA/SFC, it is not necessary to attach supporting documents when submitting application for CPWP Certification Renewal unless requested by PWMA. PWMA will review the verification by the Human Resources and /or respective relevant department of the financial services institution or PWMA member institution(s).

However, PWMA may request provision of records on the training and the OPT activities undertaken.


11.  If there is a change of job or industry, and/or personal information, shall I inform PWMA?

The applicant should notify PWMA of any change of job or industry, and / or personal information upon the annual submission of the Application for CPWP Certification Renewal


12.  Is there any deadline for CPWP Certification renewal?

The applicant should submit the Application for CPWP Certification Renewal to the PWMA within 1 month following the preceding calendar year-end.

   

13.  What if I fail to submit my CPWP Certification renewal within the deadline?

       Late submission may result in the imposition of conditions such as a penalty charge on top of the outstanding renewal fee, suspension of CPWP certification or revocation for repeated failures.


      Please contact PWMA if you have any questions.


14.  Does the OPT requirement need to be met on an anniversary basis?

No, the OPT requirement only needs to be met on a calendar-year basis.  For avoidance of doubt, there is no OPT requirement for the year the CPWP certification was obtained.  The OPT requirement only starts in the succeeding calendar year.