Financial Advisory and Intermediary Services Act

Introduction to the Financial Advisory and Intermediary Services Act

The Financial Advisory and Intermediary Services Act (37 of 2002) affects the way in which a Financial services provider (FSP) conducts business and interacts with Consumers, and guides Consumers in their daily dealings with their chosen product provider.

The Financial Advisory and Intermediary Services Act (37 of 2002) regulates the activities of all fiancail services providers (FSP) who give advice or provide intermediary services to Consumers of certain financial products. The Financial Advisory and Intermediary Services (FAIS) Act requires that FSPs be licensed and crates a professional code of conduct with specific enforcement measures. All FSP’s must ensure that they comply with the legislation, and with certain specific fit and proper requirements as stipulated in the act.

Download Full Act

Please note that is only as a brief summary of the main provision of the Code and should not be relied upon as a legal document. There are many other provisions and exemptions under the Code. For more detailed information and the full Code please download the Code of Banking Practice.

Legislation Info

Menu
Menu
© The Banking Association South Africa 2017