An FSP must ensure that it, its key individuals and representatives are proficient in respect of, understand, and have completed adequate and appropriate class of business training and product specific training relevant to, the particular financial products in respect of which they render financial services or manages or oversees the rendering of financial services.
Class of business training, where appropriate must include training on the following:
- The range of financial products within the class of business.
- The general characteristics, terms and features of financial products in the class of business and any specialist characteristics, terms and features in respect of financial products in the class of business.
- The typical fee structures, charges and other costs associated with products in the class of business.
- General risk associated with investing, purchasing or transacting in the products in the class of business.
- Investment and risk principles, options and strategies in respect of products in the class of business.
- The appropriateness of different products or product features in the class of business for different types of clients or group of clients.
- The typical role players or market participants in respect of products in the class of business, including their legal structure.
- The impact of applicable legislation, including taxation laws, on product in the class of business.
- The impact of applicable economic and environmental factors on the products in the class of business and the performance of those products including:
- The economic and business environment and cycles.
- Government monetary and fiscal policy.
- Interest rates and exchange rates.
- Any inter-relationship within and between particular classes of business.
- Industry standards and codes of conduct relevant to class of business
The participants will be required to complete topic specific assignments in order to be certified for Class of Business Training: Long-Term Insurance.
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MODULE 1: Overview of the financial services sector
MODULE 2: Introduction to portfolio selection
MODULE 3: Fundamentals of long term insurance