Continuing Professional Development (CPD) carry over

The FCA confirmed on 27 May 2020 that they will allow certain advisers with exceptional circumstances to carry over any uncompleted CPD hours to the next CPD year, as long as their CPD year ends before 2 April 2021. However, it is  expected that most advisers will be able to complete their CPD during the pandemic.

‘Certain advisers’ would be:

  • Retail investment advisers who are required to get independent verification from an accredited body;
  • Insurance distributors who must ensure each relevant employee completes 15 hours of professional training every 12 months.

‘Exceptional Circumstances’ would be staff:

  • Who need to carry out extra duties to manage risk or provide support during the current COVID-19 situation;
  • With caring responsibilities, such as caring for a partner, child, parent, grandparent, or sibling;
  • having difficulty assessing CPD material due to technical difficulties or unavailable material.

Carried over CPD hours must be completed in the next CPD period and will be treated as part of the CPD for the next CPD year, on top of the hours already required for that year.

Firms must record their decision and the reasons for it, including the number of CPD hours the individual is carrying over, but do not need to report this to the FCA.  To get independent verification for the adviser, the firm will need to confirm with the accredited body that the adviser is and remains competent.  An accredited body will be able to verify compliance.

Important Note: ATEB news is intended to provide general information ONLY. The content, including any views expressed or guidance provided, does not replace the need to comply fully with FCA Rules and Guidance. Unless you have discussed news article content with ATEB, and specifically how it relates to your circumstances, then ATEB disclaims all liability and responsibility and actions arising from any reliance placed upon it. For the avoidance of doubt therefore, any reliance you place on such information without our consultation is at your own risk.

ATEB Compliance offers compliance and regulatory advice.

ATEB Suitability provides report writing software for the financial services market.

Our View

Firms are expected to be able to demonstrate that relevant individuals remain competent and should assist advisers with finding/considering ways in which obtained the required hours. For example, via webinars and e-learning.

The FCA has stated that staying up to date with Covid-19 regulatory developments could be counted towards CPD.

Action Required By You

  • Firms should identify any individuals who will fall into the category of ‘certain advisers’ with ‘exceptional circumstances’, confirm and record its decision to carry over hours and provide support to all advisers in sourcing CPD learning activities;
  • Contact ATEB for further assistance if required.
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Technical Manager - Often referred to as the Oracle or the Sage, Alistair has a wealth of financial services experience. He is our go-to Technical Manager and enjoys nothing more than a complicated conundrum. Feel free to test his renowned knowledge by getting in touch.

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