The Competence Requirements relating to Class of Business Training, set out in the Fit and Proper requirements Board Notice 194 of 2017, commenced on 1 August 2018.
Class of Business Training focuses on general financial product knowledge in relation to a specific line of business. It must include training on the general and special characteristics of the range of financial products within the class, the typical fee structures, charges and other general risks relevant to the products in that class. The training must also include the appropriateness of different products or features for different types of clients, how economic factors may impact these products or the effect of applicable legislation such as tax.
The product categories that a Financial Services Provider can be licensed for, have been divided into nine broad classes with its own subclasses. The broad classes are:
As a rule, Class of Business Training generally applies to all authorised Financial Services Providers (FSPs), Key Individuals (KIs) and Representatives (Reps). However, there are some individuals that are exempted.
FSPs and Reps must complete Class of Business Training before rendering a financial service in relation to a product and KIs must, prior to managing or overseeing any financial service, complete Class of Business Training for those classes that they are approved for.
Class of Business Training can only be provided by an accredited training provider or an education institution. Training providers will be accredited by Skills Education Training Authorities (SETA) and according to the Quality Council for Trades and Occupations (QCTO) criteria.
Masthead has partnered with Milpark Education, an accredited provider and higher education institute, to offer you a convenient solution that will ensure you meet your Class of Business Training competence requirements and obtain foundational knowledge relevant to the range of financial products that you been appointed or approved for.
This partnership offers Masthead members access to these courses at a discounted fee, if they register through the Masthead Learning Centre.
You will be granted 12 months access upon enrolment. On successful completion of the course, you will receive a certificate from Milpark verifying your training.
In terms of Board Notice 194 of 2017, Class of Business Training as a refresher is appropriate to maintain the abilities, skills and knowledge required for FSPs, KIs and Reps in the various classes of business that they that they are appointed or approved for. Therefore, Class of Business Training can be recognised for CPD purposes, however FSPs must ensure that the training meets the general CPD requirements as set out in section 32(1) of the Fit and Proper Requirements.