Courses
Class of business courses. The modules within each Class of Business encompass all the sub-categories related to that specific class.
Class of Business (COB)
Students
Who should enrol in the class business training classes?
Questions
Check out our list of frequently asked questions to find answers to common queries.
Contact
Get in touch with us regarding your COB inquiries, and our Moonstone-friendly agents will assist you in addressing any questions you may have.
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.
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?
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
- All Financial Service Providers (FSPs), Key Individuals, and Representatives appointed post 01 April 2018.
- FSPs, Key Individuals, and Representatives applying for authorization, approval, or appointment for new financial product categories post 01 April 2018.
- Representatives under supervision as of 01 April 2018 or appointed under supervision post 01 April 2018.
- Specific exemptions are available based on the nature and conduct of the business.
- Reach out to your compliance officer if you have any uncertainties.
Who should attend
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:
- the technical knowledge of the FSP, key individual and representative,
- he generic knowledge and understanding of the environment in which the financial service is rendered or managed or overseen,
- the knowledge and understanding of applicable laws, and
- adequately considers changing internal and external conditions relevant to and the financial products for which the FSP and its members are authorised.
Specific COB Requirements
An FSP must establish and maintain policies and procedures on COB that indicates how the FSP, key individual and representative will –
- maintain knowledge and skills that are appropriate for their activities and responsibilities,
- update their knowledge and skills; and
- develop new knowledge and skills to assist with their current functions and responsibilities or functions contemplated in the future.
In addition, training plans must be drawn up for each COB course, valid for one calendar year from date of registration, to ensure that the COB, and further supported by CPD courses provided by MBSE is relevant and appropriate for the services rendered by the FSP, key individual and representative,
- addresses any identified needs, knowledge and skills gaps, and
- continually improves the professional standards and practices of the FSP, its key individuals and representatives.
Frequently asked questions (FAQ)
When will Class of Business be available for registration?
Registrations are now open. (MBSE – Updates all current information within the CoB courses yearly and these changes falls within the same cycle as the current CPD yearly Cycle)
When can I start with the training?
CoB Training Courses and Modules was introduced and have been available since 03 April 2018.
What Class of Business should I do?
It is recommended to consult with your Compliance Officer. The choice depends on the (Financial Services Provider) FSP’s license category.
By when do I need to complete my Class of Business?
Kindly confirm with your Compliance Officer on your companies’ internal requirements.
Can I do more than one Class of Business at the same time?
While not advised, if you are willing to dedicate the time, you can proceed at your own pace. Alternatively, you can tackle one module at a time.
How long does a module take to complete?
Each module typically takes about 2 – 3 weeks, with a daily study time of 45 minutes to 1 hour. Some modules may require more time due to their complexity. It’s important to note that completion times vary among students. Some may finish the training faster than others, so the given time frame is an estimate.
What do I get on successful completion of the training?
Upon successful completion, you will receive a Certificate of Completion indicating your final mark / results obtained for that course.
Who is exempt from Class of Business Training?
FSPs, (Key Individual) KIs, and Reps authorized before 01 April 2018 are exempt from Class of Business training, provided they have relevant experience, unless they introduce new products to their license.