The Fit and Proper requirements of Board Notice 194 of 2017 determined various requirements that must be implemented and complied with before specific deadline dates. One of the most important deadlines is 31 January 2020, which concerns the Class of Business (COB) training requirements.
On 1 February 2019 the new Exemption of Services under Supervision (FSCA FAIS Notice 86 of 2018) came into effect. In terms of this Notice the transitional arrangements regarding representatives under supervision are as follows:
|DATE / PERIOD APPOINTED||MUST MEET COB BY:||BOARD NOTICE SECTION|
|Representatives that were working under supervision at 1 April 2018, including Representatives that commenced with Supervision between 1 April 2018 and 1 February 2019||31 January 2020||FSCA Notice 86 – section 4(3)
read in conjunction with Board Notice 194 of 2017 – section 52(12)
|Representatives working under supervision from 1 February 2019 onward||12 months from the date of first appointment||FSCA Notice 86 – Condition 2(3)|
Take note that product categories play a role in determining which (and by when) Class of Business training must be completed. FSCA FAIS Notice 86 of 2018 refers to the date on which a person was first appointed as a representative in respect of a particular financial product, and that the supervised representative must comply with the class of business training requirements applicable to that financial product.
In light of the many variables which impact on an individual’s competence profile, Moonstone has developed a web-based application that provides FSPs with a practical solution to these challenges.
Click here for more information about Fit and Proper Manager.
It is also important to note that Moonstone Business School of Excellence (MBSE) is a duly accredited institution and provides training in all nine COB modules stipulated in the Act.
Click here to download the relevant annexure from the Board Notice 194 of 2017 that describes all 9 Classes of Business.