Parliament of South Africa - Financial Advisory and Intermediary Services Act, No. 37 of 2002, as amended up to February 28, 2014


The Parliament of South Africa's Financial Advisory and Intermediary Services (FAIS) Act, No. 37 of 2002 seeks to protect consumers of financial products and services by regulating the selling and advice-giving activities of financial service providers (FSPs) and ensuring that consumers are provided with adequate information about the financial products they use and about the people and institutions who sell these financial products. The act requires that all FSPs are registered and adequately qualified. It creates a code of conduct and guidelines for record maintenance and accounting and audit requirements. In addition, through this legislation the Financial Advisory and Intermediary Services Ombud is established to deal with consumer complaints against FSPs, and in turn provide an efficient and affordable dispute resolution mechanism. The act is divided into several chapters, and sets forth provisions on the following topics:

1. Authorization of Financial Services Providers
2. Representatives of Authorized Financial Services Providers
3. Codes of Conduct
4. Duties of Authorized Financial Services Providers
5. Enforcement

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Friday, February 28, 2014
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Parliament of South Africa
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