Class of Business training is one of the key FAIS requirements to be fit and proper. Specifically, it ensures that financial services professionals possess a thorough knowledge of the financial products with which they work. In total, there are nine modules, each representing a different category of financial products. You are required to take only the module(s) that relate to the financial products for which you seek authorisation, approval, or appointment.

Who needs Class of Business training?

Class of Business training is essential for the following individuals:

• All financial service providers (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.

Additionally, FSPs, Key Individuals, and Representatives authorised before 1 April 2018 are exempt from this requirement based on their past experience, unless they add new products to their license. If you are uncertain about whether you need to complete Class of Business training or which module(s) to take, please contact a compliance officer at your firm.

What is involved?

You can register at any time. Once your registration is complete, you will gain access to Moonstone’s learning management system. There, you will be able to access the study guide material or download it as a series of PDFs. The content comprises comprehensive notes, including helpful charts and illustrations, all prepared by industry experts. Furthermore, the detailed examples ensure that you build practical knowledge and skills.

In addition, the system will offer you regular quizzes to assist in testing your knowledge. By the end of each module, you will feel confident to pass the final assessment, which you will complete online on Moonstone’s system. Upon successful completion, you will receive a digital certificate to prove that you have achieved the Class of Business fit and proper requirement.

If you dedicate 45 minutes to an hour each day, you can expect one module to take you about two or three weeks to complete. Of course, this duration may vary based on your experience and familiarity with the material. Importantly, you will have access to the learning management system for six months from the date of registration.

What are the nine modules?

1. Short-Term Insurance: Personal Lines. Click here for more details.
2. Short-Term Insurance: Commercial Lines. Click here for more details.
3. Long-Term Insurance. Click here for more details.
4. Pension Fund Benefits. Click here for more details.
5. Short- and Long-Term Deposits. Click here for more details.
6. Structured Deposits. Click here for more details.
7. Investments. Click here for more details.
8. Forex Investments. Click here for more details.
9. Health Services Benefits. Click here for more details.

To book any COB module, click on the relevant link above for more information about the module, or you can book immediately by clicking on the relevant module below.