The specific class of business training provided and assessed by Moonstone Business School of Excellence (MBSE), an accredited provider / education institution.
Class of Business Modules
- 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
The Class of Business modules include all the sub-classes of the specific class i.e if a person does Short-term Insurance: Personal Lines they will do all the sub-classes for that class of business.
Class of Business: Training
The Latest Determination of Fit and Proper requirements define “Class of business training” as training in respect of a specific class of business and which training is provided and assessed by an accredited provider or an education institution.
Moonstone Business School of Excellence (MBSE) is such a provider and will provide training in all nine modules stipulated in the Determination. What and When?
Section 29 of the Determination stipulates that a FSP and representative must complete the class of business training relevant to those financial products for which they are authorised or appointed prior to rendering of any financial service in respect of such products.
A key individual must, likewise, complete the class of business training in respect of the classes of business it manages or oversees and for which it is approved to act as key individual prior to managing or overseeing the rendering of any such financial services.
Section 29 of the Determination stipulates that a FSP and representative must complete the class of business training relevant to those financial products for which they are authorised or appointed prior to rendering of any financial service in respect of such products.
A key individual must, likewise, complete the class of business training in respect of the classes of business it manages or oversees and for which it is approved to act as key individual prior to managing or overseeing the rendering of any such financial services.
Please note: No CPD points will be allocated/reflected on your certificate for COB (Class of Business) products
Who should attend Class of Business training?
- All FSPs, Key Individuals and Representatives appointed after 1 April 2018.
- FSPs, Key Individuals and Representatives who seek authorisation, approval or appointment for new financial product categories after 1 April 2018.
- Representatives working under supervision as at 1 April 2018, or appointed under supervision after 1 April 2018.
- Certain exemptions apply, depending on the type of business one does, and how it is conducted.
- Please contact your compliance officer if in doubt.
FAQ
- When will Class of Business be available for registration?
The registrations are open!. - When can I start with the training?
CoB Training Modules have been available since 03 April 2018. - What Class of Business should I do?
Please consult with your Compliance Officer in this regard. This will depend entirely on the FSP’s license category. - By when do I need to complete my Class of Business?
Please confirm with your Compliance Officer. - Can I do more than one Class of Business at the same time?
This is not recommended, but if you are prepared to put in the hours, you can do so at your own pace. Alternatively, you can complete a module at a time. - How long does a module take to complete?
The duration of the training is approximately 2 – 3 weeks per module, based on a 45 minute to 1-hour allocated study time, per working day. Some modules take longer than others due to the content thereof.
Please note that the time will depend on the student. Some students may complete the training in a shorter time than other students so the time we give is an estimation. - What do I get on successful completion of the training?
You will receive a Certificate of Completion, which will state that you have completed the training, together with your final mark. - Who is exempt from Class of Business Training?
FSPs, KIs and Reps, authorised prior to 1 April 2018 are considered to have completed the Class of Business training in view of their past experience and are therefore exempt from Class of Business training, unless they add new products to their license.
Again, we urge you to consult with your Compliance Officer in this respect, for absolute clarity.