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Failure to achieve the prerequisite CPD hours before the deadline means removal from the register, and the missing CPD hours will have to be earned before a financial services professional can be re-admitted and continue practising.“While two extra months provides plenty opportunity to get what is needed, it is best to act sooner than later to avoid the chance of falling behind again,” says James George, compliance officer manager at Compli-Serve SA.
In addition, completing the current year's requirements doesn't mean the next cycle’s required hours will be deferred. From 1 June 2019, it was business as usual for the next cycle of CPD hours required by 31 May 2020.
In order to avoid any issues, an financial services provider (FSP) must ensure that all its approved persons, be they representatives or key individuals (KI), either satisfy their respective CPD hours, or where it has become evident that they will be unable to attain the required CPD hours, even with the extension, remove the person from its licence before the extended deadline.
“Failure to earn the hours will mean you no longer comply with Fit and Proper requirements and then face serious consequences,” George says. In terms of Section 14(1) any representative who no longer complies, must be debarred. “This is a risk no FSP, KI or representative can afford to take.”
The requirements for CPD hours remain:
There are some exemptions available for foreign professional bodies, but generally there is little escape from needing to earn your CPDs to operate in financial services. Continuous learning is essential in any case, particularly in the evolving financial services landscape.
Many financial institutions and publications offer easy access to earning CPD hours; just keep in mind that an activity must be CPD-qualified to count. A ‘CPD activity’ must be verified by a professional body who also allocates an approved hourly value to the activity.
“Make the most of the extension if you need it or aim to get ahead on the next cycle, earning your hours early. The costs of falling out of favour in compliance can be much more than the cost of signing up for the required reading or training you need for CPD compliance,” he concludes.