Class of Business
Class of Business training means the training referred to in section 29(4) of Board Notice 194 of 2017
in respect of class of business and which training is provided and assessed by and accredited provider or and education institution.
What is the cost for Class of Business?
R 250 per class. Class of Business Training is offered through FPI suppliers only and not by FPI itself.
Who should do Class of Business?
A Financial Services Provider (FSP), Key Individual (KI) and representative duly authorised by the Financial Sector Conduct Authority (FSCA) to render financial services after 1 August 2018 must prior to rendering of any financial services in respect of a particular financial product compete class of business training as defined above relevant to that financial product and for which they are authorised by the Financial Sector Conduct Authority (FSCA).
Who should ensure that Class of Business Training takes place?
The FSP must ensure that it, its Key Individuals and Representatives are proficient, understand and completed adequate and appropriate class of business training relevant to the financial products in respect of which they render financial services / oversees the rendering of financial services.
Record keeping and reporting requirements:
The FSP must within 15 days after the training occurred record it in their competency register and obtain all information and documentation relating to the training for a period of not less that 5 years after the FSP or representative on behalf of the FSP ceased to render financial services in respect of a particular financial product and Key individuals ceased to manage or oversee the rendering of financial services by the FSP in respect of a particular financial product.
- Financial Services Providers, Key Individuals and representatives excluding representatives working under supervision authorised prior to 1 April 2018 are deemed to have competed Class of Business Training.
- A representative working under supervision as at 1 April 2018 has 12 months from 1 August 2018 to complete Class of Business Training.
- A person authorised to render financial services after 1 April 2018 but prior to 1 August 2018 also has 12 months to complete Class of Business Training.