The deadline for meeting the CPD requirement was extended from 31 May 2019 to 31 July 2019. Does this mean that the next CPD cycle will only commence on 1 August 2019?
No, the CPD cycle was not extended. Persons have merely been given an additional two months to comply with the CPD cycle ending 31 May 2019.
The exemption granted –
| ● | does not detract from the CPD hours required for the next CPD cycle, i.e. 1 June 2019 to 31 May 2020 (“2019 CDP cycle”); |
| ● | does not affect the period of the 2019 CPD cycle, i.e. the CPD cycle will still commence on 1 June 2019 and end on 31 May 2020; |
| ● | has the effect that the CPD hours completed for the 2018 CPD cycle in the exemption period 1 June 2019 until 31 July 2019 by non-compliant persons cannot be calculated towards the 2019 CPD cycle; and |
| ● | has the effect that the CPD hours completed in the exemption period 1 June 2019 to 31 July 2019 by those who already comply with the CPD requirements for the 2018 CPD cycle, can be calculated towards the 2019 CPD cycle. |
Criticism that this will lead to an “administrative nightmare” is completely unfounded. The requirement to monitor progress was clearly spelt out right from the beginning. Failure to do so cannot be laid at the door of the FSCA. The Authority rather deserves praise for recognising the time constraints and providing relief so that non-compliant entities will still be able to earn an income during the extension period.
