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


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

Chapter 4 : Continuous Professional Development

34. Reduction of CPD hours


(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.