What does it mean to be FAIS compliant?
FAIS imposes responsibility by requiring us to evaluate your financial needs first before providing appropriate advice. Dealing with a FAIS compliant company ultimately means that you can make informed decisions that are best for you.
What does it mean to be subject to the FAIS Act?
The Financial Advisory and Intermediary Services Act, also known as FAIS, aims to regulate financial service providers (FSP’s) by protecting the consumer against improper conduct by such FSPs. The Act makes provision for FSP’s to be licenced and authorised through the Financial Services Board (FSB).
What is the FAIS General Code of Conduct?
The General Code of Conduct for Authorised Financial Services Providers and Representatives, in terms of the FAIS Act 37 of 2002 – to give it its full title when it has to report for ceremonial duties – is a really important piece of subordinate legislation.
What is a FAIS Act?
Financial Advisory and Intermediary. Services Act, 2002 (FAIS Act) The FAIS Act regulates the rendering of financial advisory and intermediary services to clients. The Act’s main objectives are to protect the interests of consumers and to professionalise the financial services industry.
What is a Category 1 FAIS allowed to do?
(a) Category I A Category I FSP renders financial services other than the financial services mentioned in Categories II, IIA, III and IV.
What is Section 13 of the FAIS Act?
Section 13 of the FAIS Act, 2002, was amended by the inclusion of S 13(1)(c) which provides that a person may not render financial services or contract in respect of financial services, other than in the name of the financial services provider of which such person is a representative.
What does Section 8 of the general code of conduct require?
Section 8(1)(c) of the General Code of Conduct (GCOC) for Authorised Financial Services Providers (FSP) and their Representatives[1] requires that any FSP, other than a direct marketer, prior to providing a client with advice, identify the financial product(s) that will be appropriate to the client’s risk profile and …
Who is protected by FAIS?
1. WHO DOES THE FAIS ACT REGULATE? The FAIS Act regulates financial service providers and the representatives of financial service providers selling a wide range of financial products.
What is Section 7 of the FAIS Act?
“an authorised financial service provider or representative may only conduct financial service related business with a person rendering financial services, if that person has, where lawfully required, been issued with a licence for the rendering of such financial service and the conditions and restrictions of that …
What is Category II FSP?
We have to remember that for an FSP to have been provided with a Category II Licence is an indication that the FSP has the right skills and experience to be able to provide its clients with the opportunity to enter into a discretionary mandate with them.
What is Category 3 FSP?
A Hedge Fund FSP must also apply for a Category” licence. (d) Category III – Administrative FSP ‘Administrative FSP’ means an administrative FSP as defined in the Notice of Codes of Conduct for Administrative and Discretionary FSPs, 2003.
What is a Section 13 certificate?
How do you check if you are FAIS compliant?
Check your FAIS Credits
- For your own verification, e-mail your National ID number and full names to [email protected].
- For verifications concerning a third party, an agreement needs to be signed first.
- ·
- As a learner you can request, from the NLRD, a record of your own personal learning achievements.
What is a Category 1 FAIS representative?
Category I A discretionary FSP renders intermediary services of a discretionary nature as regards the choice of a particular financial product referred to in the definition of ‘administrative FSP’ but without implementing any bulking.
What are FAIS credits?
The terms “FAIS credits” is an informal term that was created in the financial services industry that refers to the qualification requirement that affected persons1, appointed in the industry for the first time prior to 2009, had to meet.
What is a Category 1 FSP?
A Category I FSP renders financial services other than the financial services mentioned in Categories II, IIA, III and IV. Indicate. whether the applicant will be furnishing advice (A) and/or whether the applicant will be rendering intermediary services (B) in. Category II – Discretionary FSP.
What is a Category 2 FSP?
(b) Category II – Discretionary FSP ‘Discretionary FSP’ means a discretionary FSP as defined in the Notice of Codes of Conduct for Administrative and Discretionary FSPs, 2003.
What NQF level is FAIS qualification?
NQF LEVEL 5
NQF LEVEL 5 Programs covered in this qualification, provide representatives with more options to comply with the requirements of the FAIS Act, General Code of Conduct and Board Notice 194 of 2017.
How can I check my FAIS credits?
How many categories of FSP are there?
| Category No | Sub Category No | Description |
|---|---|---|
| CATEGORY IV Assistance business FSP | ||
| 4 | 1 | Assistance business FSP |
| CATEGORY 2A | ||
| 20 | 1 | Long-term Insurance subcategory B1 |
What is chapter I1 of the Financial Services Act?
CHAPTER I ADMINISTRATION OF ACT Registrar and deputy registrar of financial services providers General provisions concerning registrar Special provisions Concerning powers of registrar Advisory Committee on Financial Services Providers Delegations and authorisations CHAPTER I1 AUTHORISATION OF FINANCIAL SERVICES PROVIDERS
What is Act 37 (I) of 2002?
Act No. 37,2002 FINANCIAL ADVISORY AND INTERMEDIARY SERVICES ACT. 2002 (i) is able to provide confirmation, certified by the provider. to clients-
What is IFIS November 2002 Act?
IS NOVEMBER 2002 Act No. 37,2002 FlNANCIAL ADVISORY AND INTERMEDIARY SERVICES ACT, 2002 TEM WMBER AND fEAR IF LAW iHORT TITLE :XTENT OFAMENDMENT OR LEPEAL 4. The amendment of section 6- a) by the deletion in subsection (1 )
What does act mean in table of fees?
Table of Fees In this Schedule- “Act” means the Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002), including any measure referred to in the definition of ‘this Act’ in section 1(1) of the Determinations193