The Fit and Proper Determination requires that certain individuals obtain a specified number of Continuous Professional Development (CPD) hours within an annual 12-month cycle between 1 June and 31 May of a specific year. The FSCA recently extended this year’s deadline to 31 July 2019 – a date that is just more than two weeks away.
But what happens if a FSP/ key individual / representative does not meet the CPD hour requirement by the end of a CPD cycle?
Non-compliance with any competence requirement will result in regulatory action being taken against the FSP, key individual and/or representative. The same principle applies to non-compliance with the CPD requirements.
If it is clear that a representative will not meet the CPD requirements by the end of a CPD cycle, the FSP can pro-actively move the representative to a role that does not require compliance with the CPD requirements prior to the expiry of the CPD cycle and remove the representative from its representative register. However, if a representative is already non-compliant with the CPD requirements, the FSP must debar the representative.
The FSCA recently published Communication 2 of 2019 to provide guidance to FSPs, key individuals and representatives regarding compliance with the continuous professional development requirements. The Communication includes answers to the above and many other questions. Click here to download it for reference purposes.
Moonstone can also help you to obtain the required CPD hours – click here for more information.
