010 300 7916

COB 1 Short Term Insurance (Personal Lines) - Class of Business Training

COB 1 Short Term Insurance Personal Lines – The Class of Business training is available online so you are able to study in your own time at your own pace. 

Call us now on 010 300 7916 or 082 817 7384

Curriculum - COB 1 Short Term Insurance (Personal Lines)

GLOSSARY

  • Glossary of Terms

MODULE 1: Overview of the financial services sector

  • TOPIC 1: The financial services sector
  • TOPIC 2: Regulatory framework of the financial services sector

MODULE 2: Short Term Insurance Fundamentals

  • TOPIC 1: Overview of short term insurance
  • TOPIC 2: Short term insurance principles
  • TOPIC 3: Risk Underwriting
  • TOPIC 4: Agreement of terms and conditions of cover
  • TOPIC 5: The claims process

MODULE 3: Fundamentals of short term insurance personal lines

  • TOPIC 1: Aspects relating to personal lines insurance
  • TOPIC 2: Aspects relating to specific personal lines short term insurance products

The Class of Business training is available online so you are able to study in your own time at your own pace.

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Class of Business Training is a legal requirement for all FSP’s, Key Individuals (KI’s) and Representatives (Reps) relevant to the financial products for which they are authorised before rendering any financial service regarding the products.

Deadlines have been set by when these competency requirements must be met.

Deadlines

  • Representatives under supervision on 1 April 2018 have to successfully complete Class of Business Training by 1 August 2019.
  • Representatives appointed between 1 April 2018 and 1 August 2018 have to successfully complete Class of Business Training by 1 August 2019.
  • Representatives appointed on or after 1 August 2018 have to successfully complete Class of Business Training by 31 January 2019. If you have been appointed by 1 August 2018 onward, you will not be allowed to conduct business prior to the successful completion of the COB training.
  • The FSPs, KI's and Reps, authorised before 1 April 2018 are considered to have completed the COB training in view of their past experience and are therefore exempt from COB training, unless they add new products to their licence.

Penalty for non conforming

By not completing the set  competency requirement Reps and Key Individuals stand the chance of debarment , and FSP’s could be fined or suspended for their Reps continuing to give advice without conforming.

The Class of Business training is available online so you are able to study in your own time at your own pace.

There are 9 levels in Class Of Business:

  1. Short-term Insurance (Personal Lines)
  2. Short-term Insurance (Commercial Lines)
  3. Long-term Insurance
  4. Pension Fund Benefits
  5. Short-term and Long-term Deposits
  6. Structured Deposits
  7. Investments
  8. Forex Investments
  9. Health Services Benefits

To see the details of each COB please click the link on the COB that you are interested in. If you are not sure which is the correct COB for you please give us a call on 010 300 7916 or complete the form and we will call you with the correct information.

Monitoring and reporting to the FSCA will be done via our e-platform.

Class of Business Training Available

Class of Business Training - Coming Soon

Class Of Business Training

Board Notice 194 of 2017 required changes in terms of the competency requirements for Financial Service Providers (FSP), Key Individuals (KI’s) and Representatives (Reps) in the Financial Services industry.

The Board Notice stipulated deadlines by which all FSP’s, no irrespective of size, have to conduct complete evaluations on all staff, Reps and KI’s. It is the FSP’s responsibility to ensure they meet the set deadlines.

What is class of business training?

COB training must include training on the following:

  • General and special characteristics of the range of financial products within the class
  • Typical fee structures, charges and other risks relevant to the products in that class
  • Appropriateness of different products or features for different types of clients
  • How economic factors might impact products and the effect of applicable legislation such as taxation.

Class of business training providers

Class of business training can only be provided by an accredited provider or an education institution. Training providers have to be accredited by Skills Education Training Authorities (SETA) and according to Quality Council for Trades and Occupations (QCTO) criteria.

There are 9 levels in Class Of Business:

  1. Short-term Insurance (Personal Lines)
  2. Short-term Insurance (Commercial Lines)
  3. Long-term Insurance
  4. Pension Fund Benefits
  5. Short-term and Long-term Deposits
  6. Structured Deposits
  7. Investments
  8. Forex Investments
  9. Health Services Benefits

Record Keeping and Reporting Requirements for Class of Business

FSPs, KIs and representatives are responsible for providing the confirmation of training which has been completed internally and externally. It is the FSP’s responsibility to record all the participants of any class of business training in the FSP’s competence register within 15 days after the training has been completed.

An FSP must at all times be able to show monitoring and tracking of their Key Individuals and Representatives and that they are receiving the relevant and appropriate training.

The FSP must also be able to demonstrate that the skill, expertise and technical knowledge they obtain is reviewed and evaluated for market changes ensuring that they remain competent in the activities they are performing.

FSPs need to ensure that its KIs and Reps are proficient in respect of the product and understand the class of business training relevant to the products they are authorised for.

It is not a requirement of the FSP to report the Class of Business training to the FSB. It is however required for the FSP to retain all the information and documentation for a period of at least five years or for any other purposes as specified by the Registrar. When the FSB’s FAIS supervision team conducts site visits as part of their compliance monitoring, the competence register will form part of the monitoring process.

The FSP will be required to provide evidence that the training is verified and took place. The FSP is also responsible for providing information from this competency register to the FSB or product suppliers when requested to do so.

FSPs must implement a Competence Register by 1 May 2018 where record is kept of all qualifications, regulatory exams, class of business and product specific training (provided both internally and obtained externally) and CPD.

Accredited trainers are also required to keep records of the training.

Who may offer Class of Business training according to the Act?

COB Training must be provided and assessed by a Quality Council accredited educational institution.

LETS STUDY TRAINING SERVICES

PHONE: 010 300 7916
PHYSICAL ADDRESS (Training Venue): Discovery Conference Centre & Bowling Club, 4 Trichard Ave, Discovery, Roodepoort, 1709, South Africa

Lets Study – a quality company specialising in Skills Development Training partnering with leading providers in the industry. Built on training and learning experiences, our core motives and mission are to provide high quality, professional, affordable training solutions to individuals, small to medium and large businesses within South Africa and Africa as a whole.

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