R 165


Advice and Intermediary Services in terms of FAIS


CPD Accreditation detail

CPD Accreditation Body/Professional Body: Institude of Bankers South Africa
Number of CPD hours: 2 CPD hours
Programme registration number: IOB194

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.