Competence requirements - Product specific training
Frequently Asked Questions
To ensure that clients receive the best possible services it is important that a person delivering the services must have a clear understanding of the products which they are selling to the customers. Having knowledge of the product will give a representative the necessary confidence to recommend and explain a product and its features which increases customer satisfaction and reduces complaints from customers.
During 2018 the Fit and proper determination introduced product specific training as a competency requirement in the financial services industry.
The Fit and proper determination Board Notice 197 of 2017 defines product specific training as “training referred to in section 29(5) in respect of a particular financial product and which training is assessed, including any amendments to that particular financial product”
In the following document, we answer some of the more frequently asked questions surrounding this topic in more detail: FAQ - Product specific training
Should you have any further questions about the product specific training requirements you are welcome to submit questions to the FSCA at Fitandproper@fsca.co.za