Advice and Intermediary Services in terms of FAIS V1.2
CPD Accreditation detail
CPD Accreditation Body/Professional Body: Compliance Institute Southern Africa
The module will aim to :
- Enable a learner to understand what the difference is between Advice and Intermediary Services and what the requirements are for delivering these services.
- Explain the requirements in terms of Sections 6, 7 and 13 of the FAIS Act, which establish the requirements for Representatives to be Fit and Proper, and BN 194 which sets out the details of the F&P requirements.
The following outcomes will be achieved:
- Understand how the FAIS Act and the associated regulations and requirements go together and fit into the financial sector laws.
- Understand the purpose of the FAIS Act and the licencing of Financial Services Providers.
- Define advice, and what is excluded from “advice”.
- Define intermediary services, and what is excluded from intermediary services.
- Be able to review “financial products” in FAIS terms.
- Identify who will act as representatives, and people who do not have to be representatives for FAIS purposes.
- Be able to - In the context of YOUR licence to practically define:
- what is advice and what isn’t.
- when does an employee need to be a representative.
- how your documentation, processes and role players meet the requirements.