What is Class of Business Training?
Class of Business Training equips financial professionals with essential knowledge of financial products and their suitability for different client needs.
It ensures a clear understanding of:
- The general and special characteristics of each class of financial products.
- Fee structures, charges and risks relevant to these products.
- The appropriateness of different products for various client needs.
- The impact of economic factors and relevant legislation, including tax.
The FSCA divides financial product categories into nine main classes, each with its own subclasses:
- Short-term Insurance (Personal Lines)
- Short-term Insurance (Commercial Lines)
- Long-term Insurance
- Pension Fund Benefits
- Short- and Long-term Deposits
- Structured Deposits
- Investments
- Forex Investments
- Health Services Benefits
View the full list of Classes and Subclasses here
Who Needs to Complete Class of Business Training?
Class of Business training applies to:
- Representatives – who must complete relevant training before rendering financial services in relation to the product.
- Key Individuals (KIs) – who must complete the required training before managing or overseeing any financial service.
- Financial Services Providers (FSPs) – responsible for ensuring representatives and KIs meet these training requirements.
Read about exemptions from Class of Business Training
Where Can I Complete My Class of Business Training?
Only accredited training providers or education institutions are authorised to offer Class of Business training. Providers must be SETA-accredited and comply with the Quality Council for Trades and Occupations (QCTO) standards.
At Masthead, we simplify the process through our partnership with FAIS Exchange, giving you access to high-quality, compliant training you can trust.
Browse and enrol today
FAQs
How long is COB training valid?
Class of Business (COB) training is a once-off requirement and does not expire once it has been successfully completed.
Can I do COB training online?
Yes, COB training can be completed online via the Masthead Learning Centre platform. The FAIS Exchange Class of Business courses offer a flexible and convenient way to meet the requirement at your own pace.
What happens if I don't complete COB training?
If you do not complete the required COB training, you may not meet the Fit and Proper requirements as outlined in Board Notice 194. This means you may not be authorised to render financial services in that specific class of business.
Is COB training compulsory for FSPs?
Yes, COB training is compulsory for Representatives who render financial services in a specific Class of Business. It forms part of the Fit and Proper requirements and ensures that advisors have the appropriate product and industry knowledge.
What is the pass mark?
The pass mark for FAIS Exchange Class of Business training via the Masthead Learning Centre is 80%, in line with industry standards.
What are FAIS Exchange Class of Business courses?
FAIS Exchange Class of Business courses are designed to meet the FAIS regulatory requirements and provide essential training for Representatives, financial services providers and Key Individuals.
I’ve previously completed Milpark Class of Business training. Do I need to complete the FAIS Exchange courses again?
No, if you have already completed a Class of Business course with Milpark, your training remains valid. However, for new Class of Business registrations, you will need to enrol in the FAIS Exchange courses.
I have paid for my FAIS Exchange Class of Business course. When will I have access?
Your payment will be approved once the payment reflects in the Masthead bank account. Once you receive your confirmation email, you will have access to the course on your online learning dashboard.
What is the Generic Overview module, and why do I need to complete it?
The Generic Overview module is a once-off foundational course (estimated five hours) required for all first-time FAIS Exchange Class of Business registrations. It provides essential industry knowledge and must be completed before starting your specific Class of Business course.
Will I be automatically enrolled in the Generic Overview module?
Yes, if this is your first time registering for a FAIS Exchange Class of Business course on the Masthead Learning Centre, you will automatically be enrolled in both the Generic Overview module and your chosen course.
I don’t need to complete the Generic Overview module as I have extensive industry experience or have completed Class of Business courses elsewhere. How can I proceed?
- If you already have sufficient industry knowledge or have completed similar courses through another institution, you may proceed directly to the Generic Overview Summative Assessment. You do not need to complete the learning content for each module. We do, however, recommend that you first complete the optional mock assessments available for each module. These mock assessments are designed to help you test your knowledge and prepare for the Summative Assessment.
- You must achieve at least 80% within two attempts on the Generic Overview Summative Assessment before you can continue with your chosen Class of Business course. The mock assessments offer unlimited attempts and can be used as a preparation tool to help ensure you are ready before attempting the Summative Assessment.
Do I need to complete the Generic Overview module for every Class of Business course?
No, the Generic Overview module only needs to be completed once. Once you’ve passed it, your results will automatically apply to any future FAIS Exchange Class of Business courses you register for via the Masthead Learning Centre.
How long do I have access to the course content?
Your access period for each Class of Business course is two months from the date of enrolment. You can check your expiry date on the My Learning page or the calendar in your online learning dashboard.
Do I need to complete the mock assessments for the Generic Overview and Class of Business courses?
- The mock assessments are optional for both the Generic Overview and Class of Business courses, but they are strongly recommended. These assessments are designed to help you test your understanding of the course material and prepare for the Summative Assessments, which only allow for two attempts to achieve the 80% pass mark.
- By completing the mock assessments, you can identify areas where additional review may be needed, boosting your confidence and increasing your chances of success. You can attempt the mock assessments as many times as you like to ensure you are fully prepared.
What happens after I complete the course?
Upon successful completion of your Class of Business course and the Generic Overview module (if applicable), your certificate will be issued immediately. If you are using the Fit & Proper Dashboard, your course completion will automatically be recorded.
Do I get CPD hours for Class of Business training?
No, Class of Business is a separate competency requirement and does not count towards CPD, unless you have completed it before and are doing the course as part of a refresher.
