THE REGULATOR

The FAIS Legislation regulates all FSP’s and intermediaries who gives advice to their clients in the Financial Services Industry.

The FAIS Act aims at promoting professionalism in the Financial Services Industry whilst also protecting the Consumer.

The Key Individual must not only create a compliance culture in the business, but also ensure that there are enough resources in the business to be compliant with the legal requirements of the FAIS legislation.

Internal Control Procedures requires the implementation of a compliance function as a part of the risk framework of the business.The Key Individual must manage the compliance function objectively as to operate independently from the management of the business.

The FAIS Legislation requires the following from a Financial Services Provider:

  • A Financial Services Provider with more than one Key Individual or advisor must appoint a Compliance Officer to monitor the compliance of the FSP;
  • Compliance Officers must comply with educational and legal requirements of the Act and must be approved by the FSCA;
  • Compliance Officers/ FSP’s must submit compliance reports on an annual basis to the Registrar.

MANAGE YOUR RISK IN BUSINESS
MANAGE YOUR RISK WITH CLIENTS
MANAGE YOUR RISK WITH YOUR EMPLOYEES