I read your article on the effective date of 1 June 2018 for Continuous Professional Development, and your comment that it leaves little time to plan for compliance. Please clarify whether representatives under supervision will also have to comply with CPD from 1 June 2018 or only when they have met all the other requirements with regards to experience, qualifications, product and class of business training?
We responded as follows:
The new Fit and Proper Board Notice kicks in from 1 April, and states that a representative under supervision will have to comply with CPD from 1 June 2018.
However, the FSB has indicated that they are looking at revising Board Notice 104 (the Supervision Board Notice).
We anticipate that the new Supervision Board Notice will be published prior to the 1st of April and that the Board Notice will provide that the CPD Cycle for a Representative working under supervision will only commence once the other requirements have been met.
Until such time as this is officially announced, one has follow the route outlined in Board Notice 194 of 2017.