Have you done enough professional reading, attended conferences as well as courses and lectures to ensure that you have enough hours for CPD purposes? The reality is that there is little more than a month left to attain your required number of FAIS related CPD hours.
There is a legal duty on all advisors to comply with their required CPD hours within each CPD Cycle, which is a period of 12 months commencing on 1 June of every year and ending 31 May of the following year.
Failure to comply with this requirement in a month’s time will therefore mean that the advisor is no longer Fit & Proper.
In order to avoid this scenario, the FSP will have to ensure that all its advisors either satisfy their respective CPD hours, or where it has become evident that the advisor will be unable to attain the required CPD hours, remove the advisor from its licence prior to the deadline. Such advisors will not be allowed to write business until they have complied with the CPD requirements, and reinstated on the rep register.
If the advisor failed to attain the required CPD hours and the FSP did not remove the advisor prior to the deadline, the FSP will have no option but to debar the advisor.
CPD requirements apply to most Key Individuals, Representatives and Sole Proprietors although there are certain exceptions and situations where the required CPD hours may be reduced for the individual.
Did you know that Moonstone offers a Software Solution that will inform you of how many CPD hours are required for each respective advisor, whether his or her CPD hours can be reduced, and most importantly whether or not your advisors comply with all relevant Fit & Proper requirements? Want to know more? Click here to schedule a demo of the “Fit & Proper Manager” software solution.
Moonstone also offers various events and activities that are CPD accredited. Visit the Moonstone Events page for more information or click here to access a detailed FAQ document which contains details of how you can, for instance, register to obtain CPD hours by reading the two Moonstone newsletters as well as other CPD accredited activities.