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FCA allows CPD carry over but expects training to continue

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  • 28/05/2020
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FCA allows CPD carry over but expects training to continue
The Financial Conduct Authority (FCA) will allow uncompleted Continuing Professional Development (CPD) hours to be carried over into next year but expects all individuals, including those furloughed, to continue completing training during the coronavirus crisis.

 

The regulator said it will allow individuals in “exceptional circumstances” to carry-over their uncompleted CPD hours, but these must be completed in addition to the following year’s requirement.

Firms should record their decision and the reasons for it, including the number of CPD hours the individual is carrying over to the next CPD year, but do not need to report this to the FCA.

It will apply the carry-over to CPD years ending before 1 April 2021. The exceptional circumstances count as:

When individuals during the current pandemic:

  • are needed to carry out extra duties to manage risks, and/or to provide support, to consumers and businesses during the current situation
  • have caring responsibilities, such as having to care for a partner, child, parent, grandparent or sibling
  • have difficulties accessing CPD material, for example, due to technical difficulties or unavailable material, and,

Where it is not realistic to expect the individual also to fulfil the CPD requirements.

“During the current pandemic, we expect firms to continue to demonstrate that relevant individuals remain competent to carry out their work,” the FCA said.

“Effective and consistent CPD is an essential part of this. But in these exceptional circumstances we are also allowing firms to defer individuals’ CPD to the next CPD year.

“We expect most individuals will be able to continue completing CPD whilst on furlough or working from home.”

 

Online learning

It noted that CPD activities can include e-learning and other content that can be completed at home and it expects individuals to stay up to date with its Covid-19 regulatory developments which could count towards CPD as relevant.

“Firms should also look into other available online equivalents to training courses or other ways for their staff to get the necessary CPD,” it continued.

“Firms should take these other options into account as part of their decision to carry over CPD hours.”

It acknowledged that firms, accredited bodies and professional qualifications providers were helping individuals by providing material.

“We also expect firms will support furloughed staff with materials to complete their CPD, as they have done previously,” it added.

 

 

 

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