This will depend on your CPD history. If you incur a shortfall for the first time this will be carried to the following year and you will then be required to complete that year’s requirement as well as the shortfall by the 31st of December.

A shortfall warning is also applied to your record and if it is your second shortfall in a 5-year period then you will lose your designation/CPD membership and will be put into ‘suspended’ mode until you catch up on the shortfall in hours and pay the reinstatement fee of €100. Suspended members are not included in their firm’s Register of Accredited Persons and cannot advise/sell under the Central Bank’s Minimum Competency Code (MCC).