Class of Business training was introduced with FSCA Board Notice 194 of 2017. It became a requirement for all new representatives from 01/08/2018. Clarity came later when then FSCA issued FSCA FAIS Notice 86 of 2018.
Board Notice 194 of 2017 definition:
"class of business training" means the training referred to in section 29(4) in respect of a class of business and which training is provided and assessed by an accredited provider or an educational institution.
FSCA FAIS Notice 86 of 2018 defined it as "class of business training requirements" means the requirements, insofar it applies to representatives, relating to the class of business training as set out in Part 5 of Chapter 3 of the Fit and Proper Requirements.
FSCA FAIS Notice 86 of 2018 also clarified the following under condition 2:
Class of business training requirements and qualification requirements
(3) A supervised representative must within —
(a) 12 months from the date on which a person was first appointed as a representative in respect of a particular financial product comply with the class of business training requirements applicable to that financial product; and
(b) six years from the date on which a person was first appointed as a representative in respect of a particular financial product comply with the qualification requirements applicable to that financial product.
Regulatory examination requirements
(1) A supervised representative, other than a supervised representative referred to in paragraph (2), must within 2 years from the date of the first appointment comply with the applicable regulatory examination requirements.
(2) A supervised representative that only has a date of the first appointment to —
(a) render financial services in respect of Tier 2 financial product; or
(b) perform the execution of sales, must within 2 years from the date on which it was first appointed as a representative to render financial services, other than the execution of sales, in respect of Tier 1 financial product, comply with the applicable regulatory examination requirements.
It is, therefore, clear from the above information that the process is as follows:
First, you need to complete your Class of Business training within the first 12 months from date of the first appointment; training must be done, by an accredited Training Provider, of which Integrity Academy is such a provider.
Secondly, you need to complete your Regulatory exams for representatives within 24 months from the date of the first appointment.
Thirdly, you need to complete a relevant qualification within six years from the date of the first appointment. Regarding the qualification, the following need to be kept in mind. Although you can complete the qualification within 12 months, most financial advisors also need to earn a living and therefore take on average 24 months. However, what most do not keep in mind is that the process of assessment, moderation and ultimately verification by the relevant accreditation body, e.g. INSETA can take up to six months. To achieve your qualification within the six-year period, therefore, requires you to start early and not leave it for year five. My suggestion would be to register and start at a minimum in your second year, if not sooner.
You cannot advise clients properly, without proper qualifications. Integrity Academy prides ourselves on providing quality content as part of all our offerings. This will ensure that you can smoothly proceed to the next level of qualification.