iBusiness
Image default
Business

FAIS

FAIS - Financial Advisory and Intermediary Services
FAIS – Financial Advisory and Intermediary Services

FAIS stands for Financial Advisory and Intermediary Services and ensures that customers receive sound financial advice including services and the products specially tailored to individual needs.  FAIS Act requires a competent and qualified individual to render financial services and/or to give financial advice.

An Insurance advisor should be FAIS accredited and must have a current FIAS accreditation to work in the financial sector as well as the insurance sector.

The Financial Advisory and Intermediary Services Act (37 of 2002)

The FAIS Act affects the way FSP (Financial Service Provider) conducts business and interacts and guides consumers.

It regulates all FSPs providing advice or intermediary services to customers of certain financial products. All FSPs must be licensed and ensures they comply with the legislation.

What is FAIS?

The Financial Advisory and Intermediary Services (FAIS) Act regulates FSPs (Financial Service Providers) to ensure sound financial advice, services and financial products. FAIS accreditation ensures you are legally eligible to work in the insurance and financial sector.

FAIS will equip you with all sets of skills to give your customers the right and suitable financial solutions. FAIS ensures that the FSP assesses the needs of an individual customer before proving advice and/or financial products.

This helps and ensures that consumers are always protected from making unsound financial decisions. PAIA ensures there’s an appropriate system to deal with all sorts of complaints.

If your complaint is not resolved with your FSP, you can inform the Ombudsman for FSP to: 

  1. Financial Services Board FIAS Department

Mail: PO Box 74571

Lynwood Ridge

Pretoria

0040

South Africa

  1. Street: Block B, Riverwalk Office Park,

41 Matroosberg Road

Ashlea Gardens, Extension 6

Menlo Park

Pretoria

0081

South Africa

Phone: +27 12 470 9080

Fax: +27 12 348 3447

Website: Www.Faisombud.Co.Za

Email: Info@Faisombud.Co.Za

  1. FAIS Ombud

Mail: PO Box 74571

Lynwood Ridge

Pretoria

0040

South Africa

 

Street:  Ground Floor, Eastwood Office Park

Baobab House

Cnr Lynnwood Road & Jacobson Drive

Lynnwood Ridge

Pretoria

0081

Gauteng

Phone: +27 12 470 9080

Fax: +27 12 348 3447

Website: Www.Faisombud.Co.Za

Email: Info@Faisombud.Co.Za

For more information visit Banking Association SA


South African COVID-19 Information Portal

iBusiness on COVID-19
Protect yourself and others around you


Loading...

Digest

Driving an Uber in South Africa | Requirements and Documents needed

Isaac More

How to register as a bolt driver in South Africa

Isaac More

Contactless Signature Solution for the courier industry launches in South Africa in response to Covid-19 pandemic

Press Release

Leave a Comment

Comments and ratings are subject to verification and approval. Your email will never be published or be shared with a third-party. See our Privacy Policy for clarity | If you are rating a product please ensure to select a star rating - however, this is optional

* By using this form you agree with the storage and handling of your data by iBusiness.co.za

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK Read More