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Class Of Business Training 

Class of business in the context of financial services training refers to training that, focuses on a general product category knowledge with in relation to a specific Line of Business. The proposed legislation suggests that only an accredited providers or educational institutions can provide class of business training.

WHO SHOULD ATTEND CLASS OF BUSINESS TRAINING?

  • Any Fsp or representative must complete a cob training relevant to the financial service they wish to provide if accredited after 1 April 2018.
  • FSPs, Key Individuals and Representatives, authorized prior to 1 April 2018 are considered to have completed the COB training and are therefore exempt from COB training, unless they add new products to their licence.
  • A Rep working under supervision on 1 April 2018, or who is appointed under supervision between 1 April and 31 July 2018, has until 31 July 2019 to meet the COB training requirements.
  • There are exceptions for certain types of business someone does and how it is run, if unsure please contact the compliance Manager.
  • Key Individuals and Representatives appointed from 1 August 2018 on wards will not be allowed to conduct business prior to the successful completion of the COB training.

 

Frequently Asked

When will Class of Business be available for registration?
Our classes are up on FSP Academy you can register now and start.
What Class of Business should I do?
key agents need to complete the class of business training that relates to the specific classes of business they manage or oversee.
By when do I need to complete my Class of Business?
Key agents must also complete the class of business training for which they are approved before they can act as a key individual.
Can I do more than one Class of Business module at the same time?
Yes, you can do as many modules as you want but you have to meet a certain standard to pass each module.
How long does a module take to complete?
The duration of the training is approximately 3 – 4 hours per module, Some modules could take longer than others its all depends on the content and the module.

 

Board Notice 194 of 2017

Based on the above publication in December of 2017, the FSB (Financial Services Board) introduced measures to determine requirements for financial services providers. These measures would come into effect on the 1st of August 2018. 

The notice defines Class of Business training as it relates to various Classes of Business.

Under the Act, representatives appointed on or after 1st Aug 2018 have to undertake class of business training before they can offer any financial services in these business areas. There are some relaxations which are applicable to advisors (not under supervision) who are appointed before 1st of April 2018. However, this covers only financial products fin effect prior to 1-04-2018. Appointees to new product categories after 1st Aug need to complete class of business training related to the new product categories.

Supervised reps still have to complete class of business training within 12 months from the effective date of the Act.

Section 29(1) of the Act

Requires that prior to rendering financial services, any representative must complete the following relating to the financial product they are offering:

  • class of business training
  • product specific training

Section 29(2) of the Act

Required that key agents need to complete the class of business training that relates to the specific classes of business they manage or oversee. Key agents must also complete the class of business training for which they are approved before they can act as a key individual.

WHO IS EXEMPT FROM CLASS OF BUSINESS TRAINING?

FSPs, Key Individuals and Representatives, authorised prior to 1 April 2018 are considered to have completed the COB training and are therefore exempt from COB training, unless they add new products to their licence.

BY WHEN?

A Rep working under supervision on 1 April 2018, or who is appointed under supervision between 1 April and 31 July 2018, has until 31 July 2019 to meet the COB training requirements.

Key Individuals and Representatives appointed from 1 August 2018 onwards will not be allowed to conduct business prior to the successful completion of the COB training.

The full text of the Act is available from the FSB - click here to view.