We’ve partnered with Trainsure, and accredited training provider, to deliver an easy-to-use and accessible online COB Training. Our programme is fully aligned with the Financial Sector Conduct Authority (FSCA) requirements. Sirah Business School facilitates access to the course content and assessments via our learning management system. Trainsure provides quality assurance and certification services to ensure high standards.
All our COB training courses are available online, where learners can access materials and assessments anytime within a period that suits the individual from 30 days to 12 months. The self-paced learning experience allows individuals to complete the training at their own speed and on their own schedule.
COB Training provides knowledge about the product categories that a Financial Services Provider can be licensed for. These product categories have been divided into nine broad classes, known as Class of Business or COB in short. Each class of business has its own subclasses; for example, Short-term Insurance Personal Lines is a class of business with subclasses such as ‘Personal Lines, Motor Policy, Accident and health policy, etc. Investments is another class with subclasses such as ‘Shares, retirements annuities and derivatives’.
COB Training Training focuses on general financial product knowledge in relation to a specific line of business. It must include training on the general and special characteristics of the range of financial products within the class, the typical fee structures, charges and other general risks relevant to the products in that class. The training must also include the appropriateness of different products or features for different types of clients, how economic factors may impact these products or the effect of applicable legislation such as tax.
Financial services providers (FSPs), key individuals and representative are required to be trained and assessed on the product lines in which they intend to render financial services.
These product lines (classes of business) include:
As a rule, COB Training generally applies to all authorised Financial Services Providers (FSPs), Key Individuals (KIs) and Representatives (Reps). However, there are some individuals that are exempted. FSPs and Reps must complete Class of Business Training before rendering a financial service in relation to a product and KIs must, prior to managing or overseeing any financial service, complete Class of Business Training for those classes that they are approved for.
Class of Business Training can only be provided by an accredited training provider or an education institution. Training providers will be accredited by Skills Education Training Authorities (SETA) and according to the Quality Council for Trades and Occupations (QCTO) criteria.
COB Training forms part of the Competency requirements
Class of Business Training is relevant to all Financial Service Providers (FSP), Key Individuals (KI’s) and Reps for the classes of business that they are authorised or appointed for. FSP’s and Reps are required to complete Class Of Business prior to rendering any financial service/advice relevant to the particular financial products/products they are authorised or appointed to provide. KI’s must complete Class Of Business prior to managing or overseeing any financial service in respect of the Class Of Business they manage or oversee, and for they are approved to act as a KI.
As per Board Notice 194 of 2017, one of the competency requirements is Class of Business or COB Training.
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