On May 27, the UK’s Financial Conduct Authority (FCA) published a new webpage that sets out its approach to individual’s continuing professional development (CPD) (the Webpage).
According to the Webpage, the FCA expects firms to demonstrate that individuals remain competent to carry out their work and that individuals should continue completing CPD during the COVID-19 pandemic. However, the FCA notes that there could be exceptional circumstances when individuals may struggle to complete the required minimum CPD hours.
The FCA has therefore temporarily permitted firms in exceptional circumstances to let individuals carry over any uncompleted CPD hours before April 1, 2021 to the next CPD year. The FCA deems the following circumstances as exceptional:
- when individuals are required to carry out extra duties to manage risks or to provide support to consumers and businesses, have caring responsibilities, and have difficulties accessing CPD material due to the COVID-19 pandemic; and
- where it is not realistic to expect the individual to also fulfill the CPD requirements.
Firms should record their decision and the reasons for it, but are not required to report this to the FCA.
The Webpage is available here.