Understanding the FAIS Act(Act 37 of 2002)
The Purpose of the FAIS Act is to protect consumers of financial products and services; to regulate the selling and advice-giving activities of FSPs; to ensure that the consumers are provided with adequate information about the financial product they use and about the people and institutions who sell these financial products. This must be done in a competent and open manner; to establish a properly regulated financial services profession. This course will create an understanding of how the FAIS Act is applied in practice.
You will learn:
- Explain the purpose of the Intermediaries Services’ (FAIS) legislation.
- Describe the authorization process.
- Apply disclosure and conduct requirements to a selected sub-sector.
- Explain the mechanisms for enforcement and the implications for the intermediary and the industry.
- Explain the rights of recourse available to aggrieved clients.