COB – Class Of Business
Class of Business Training Section 29 of the Determination of Fit and Proper Requirements for Financial Services Providers (FSP’s) stipulates that a FSP and its representative must complete the Class of Business (COB) 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. 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.
ABOUT 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.
Re5 Exam Experts will provide FREE training upon your purchase of the RE workshop in ONE of all nine modules stipulated in the Determination. What and When?
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.
General Requirements
An FSP, key individual and representative must obtain the required competence to render the financial services for which it is authorised. To do this, it must comply with the minimum COB requirements set out below.
In addition, you must ensure that the type and combination of COB activities undertaken are relevant to the functions and roles you perform, contribute to the skill, knowledge, expertise and professional and ethical standards required and address any identified needs or gaps in:
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the technical knowledge of the FSP, key individual and representative,
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he generic knowledge and understanding of the environment in which the financial service is rendered or managed or overseen,
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the knowledge and understanding of applicable laws, and
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adequately considers changing internal and external conditions relevant to and the financial products for which the FSP and its members are authorised.
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