As you wrap up the year before the New Year rings in, it is a good time to check your CPD hour status as well. With less than 170 days remaining, how are your hours adding up? What will happen if you do not meet the CPD hour requirement by the end of the CPD cycle?
In the financial services industry, the Fit and Proper Determination requires that certain individuals must obtain a specified number of CPD hours within an annual 12-month cycle between 1 June and 31 May of a specific year. The importance of continuous professional development should therefore not be underestimated – it is a career-long obligation for any practising professional. As a result many professional bodies also require their members to complete regular Continuous Professional Development (CPD) courses in order to maintain their registration. Combining the two sets of obligations makes a lot of sense.
Non-compliance with any Fit and Proper competence requirement will result in regulatory action being taken against the FSP, key individual and/or representative. This applies equally to non-compliance with the CPD requirements.
Earlier this year the FSCA 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.
The Moonstone Business School of Excellence (MBSE) has developed various CPD courses and events that will not only assist you to obtain the required relevant CPD hours, it will also keep you abreast of the latest legislation and trends in the industry – click here for more information.