Financial Advisory and Intermediary Services Act 2002 (Act No. 37 of 2002)

Determinations

Determination of Fit and Proper Requirements for Financial Services Providers, 2017

Chapter 4 : Continuous Professional Development

34. Reduction of CPD hours
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(1)An FSP may pro rata reduce the CPD hours in respect of a representative for the period of time during which that representative is continuously absent from work if that absence is due to—
(a)maternity, paternity or adoption leave;
(b)long-term illness or disability; or
(c)the representative’s responsibilities to care for a family member of that representative who has a long-term illness or disability.

 

(2)The reduced CPD hours must be calculated as follows:

 

(X ÷ 12) x (12 – Y) = Z
X = Number of annual required CPD hours
Y =number of months absent from work in a particular CPD cycle
Z =Required pro rata CPD hours

 

(3)An FSP may not reduce the CPD hours of a representative for consecutive CPD cycles except where the absence referred to in subsection (1) commenced in a particular CPD cycle and uninterruptedly continues into the consecutive CPD cycle.

 

(4)The reduction referred to in subsection (3) may only be applied for a maximum period of three consecutive CPD cycles.