Last year the The Financial Sector Conduct Authority (FSCA) recognised the challenges presented by the Covid-19 pandemic and the impact on the completion of any planned CPD offerings. To assist financial advisers in 2020, an extension of deadlines were granted to enable those who had not obtained the requirement by 31 May 2020, to meet their CPD requirements by 31 August 2020.
Although the current cycle commenced on 1 June 2021, Section 2(1) and 2(2) of FSCA FAIS Notice 22 of 2020 provides for reduced CPD hours to be obtained in respect of the 2021 CPD cycle.
- Persons who obtained the CPD hours required for the 2020 CPD cycle by 31 May 2020, had the full 2021 CPD cycle period to obtain the reduced CPD hours as set out in the Notice.
- Persons who have obtained the required CPD hours by 31 August 2020 only had a shorter period to obtain the reduced number of CPD hours as determined in the Notice.
The CPD hours for this cycle are calculated on a pro-rata basis, i.e. calculated for 9 months instead of 12 months. As a result, the following minimum CPD requirements were implemented for the 2021 CPD cycle:
- a single subclass of business within a single class of business complete a minimum of 4 and a half hours of CPD activities in respect of the 2021 CPD cycle;
- more than one subclass of business within a single class of business complete a minimum of 9 hours of CPD activities in respect of the 2021 CPD cycle; or
- more than one class of business complete a minimum of 13 and a half hours of CPD in respect of the 2021 CPD cycle.
The deadline, 31 May 2021, is in less than 70 days. Still struggling to comply with the CPD requirement? The Moonstone Business School of Excellence (MBSE) offers access to more than 100 online CPD courses – from only R51 for a 0.5 CPD hour course to R1344 per annum for the packaged subscription. MBSE offers solutions to all your CPD requirements.
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