This Unit Standard is intended for learners in the Financial Services sector who are construed to give financial advice under FAIS. It will be useful for Financial Planners, Intermediaries and learners employed by financial service providers.

The qualifying learner is capable of explaining the purpose of the Financial Advisory and Intermediary Services Act (FAIS), including its role in regulating financial advisory services and ensuring industry standards. They can articulate the requirements for obtaining licensing under FAIS, detailing the necessary qualifications and compliance measures. Additionally, the learner can explain the mechanisms for enforcement of FAIS regulations and their implications for intermediaries and the broader industry, including potential penalties and corrective actions. They are also adept at discussing the effects of requirements for transparency and the right to information, analysing how these obligations impact the financial services industry by promoting accountability and protecting consumer interests.

Course Content

  • The need for the Financial Advisory and Intermediary Services Act (FAIS) is explained with reference to the historical situation in South Africa and similar international legislation
  • The concepts of financial services providers and financial products are explained with examples
  • The protection of consumers afforded by FAIS is explained with examples.
  • Work roles affected by FAIS are identified with reference to requirements for licensing by the Financial Services Board related to each work role.
  • The relationship between Financial Services Providers and representatives is explained with reference to accountability and responsibility.
  • The concept of a natural person is explained as defined in the FAIS legislation.
  • The process to be followed for licensing and on-going compliance is explained for a financial service provider.
  • Conditions under which suspensions, withdrawals and reinstatement of authorisation may be imposed are explained with examples.
  • The role and functions of the Registrar are explained with reference to the relationship to the Financial Services Board and the steps that the Registrar could take in cases of non-compliance.
  • The role and functions of the FAIS Ombuds are explained with reference to recent rulings and the implications for a sub-sector.
  • The role, duties and powers of the courts are described in terms of judgements against organisations and redress through the courts
  • The rights of recourse available to aggrieved clients are explained with examples.
  • The manner in which complaints are handled by the industry is investigated with reference to Financial Services Board directives.
  • The consequences arising from rulings from an approach to a regulatory body by a client are discussed for a specific organisation.
  • The impact as a result of rulings by the Ombud is discussed for a selected sub-sector.
  • Non-accredited: Short course only  
  • Duration: 1h 30m
  • Delivery: Classroom/Online/Blended
  • Access Period: 12 Months 
Print Button
Scroll to Top