The FSCA has granted certain extensions for FSP due to the outbreak of COVID19

The extensions granted includes the submission of Statutory Returns and Fit and Proper Requirements.

Under the Fit and Proper extensions, Regulatory Examinations, Class of Business Training, Product specific training, qualifications and CPD all received extensions.

The most important to note under the CPD Extensions are:

The 2019/20 CPD Cycle:

Due to the cancellation of many CPD activities in March and April, FSPs, key individuals
and representatives are granted an additional 3 months (until 31 August 2020) to meet the CPD requirements for this cycle.

The 2020/21 CPD Cycle:

The CPD requirements for this cycle will start on 1 September 2020 and ends on 31 May 2021. The CPD hours for this cycle will be calculated on a pro-rata basis, i.e. calculated for 9 months instead of 12 months, and will be reduced pro-rata with 3 months.

This means that for the 2020/2021 cycle that runs from 1 September 2020 – 31 May 2021 you will only need 13,5 CPD Points if you need to get 18, 9 CPD points if you need 12 and 4,5 CPD if you need 6.

The full document can be found here.

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