Class of Business Training

Why This Course is a Requirement

The Financial Sector Conduct Authority (FSCA) Board Notice 194 of 2017 stipulates that a Financial Services Provider (FSP) or a representative must complete a Class of Business (CoB) training relevant to the financial products for which they are authorised. This training is a crucial part of the “Fit and Proper Requirements” and is designed to ensure you have the competence, knowledge, and expertise to properly discharge your responsibilities.

This course will equip you with the foundational knowledge required to understand and operate within the short-term, long-term, and structured deposits class of business.

What You Will Learn

This training programme is structured to give you a comprehensive understanding of the deposits class of business. You will learn to:

• Understand the legislative requirements and the purpose of the FAIS Act and FSR Act.
• Differentiate between the various types of short-term deposits, including demand deposits and savings accounts.
• Grasp the characteristics of long-term deposits and compare them to their short-term counterparts.
• Describe what structured deposits are and their key features, including the potential for higher returns and associated risks.
• Explain the role of money market instruments within the financial sector.
• Identify key factors to consider when recommending a deposit product to a client.
• Understand the different pricing mechanisms, fees, and charges for various accounts.

Course Highlights

The course content is based on industry-standard practices and includes critical information on topics such as:

• The regulatory framework, including the roles of the FSCA, Prudential Authority, and FAIS Ombud.
• The difference between deposits and other financial products.
• The different types of interest rates, including nominal, effective, fixed, variable, and tiered rates.
• The risks involved with deposits, such as credit risk, default risk, and concentration risk.