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:
- Financial Services Board FIAS Department
Mail: PO Box 74571
Lynwood Ridge
Pretoria
0040
South Africa
- 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
- 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
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