Financial Advisory and Intermediary Services Act 2002 (FAIS) (Act 37 of 2002) Online Course

Overview

This Online Course unpacks the FAIS Act, focusing on compliance, ethical conduct, and regulatory obligations for financial service providers in South Africa.

This course provides a foundational understanding of the Financial Advisory and Intermediary Services Act (FAIS) of 2002. It covers the purpose, scope, and implications of the Act, focusing on how it regulates financial services providers and protects consumers. Learners will explore key concepts such as fit and proper requirements, disclosure obligations, and compliance responsibilities.

Ideal for individuals working in the financial sector, this course equips participants with essential knowledge to operate within legal boundaries and uphold ethical standards. It supports compliance with South African financial legislation and enhances professional credibility in the advisory space.

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 
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