TAP>Financial Advisory and Intermediary Services Act 2002 (FAIS) (Act 37 of 2002)

COURSE PURPOSE

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.

WHAT YOU’LL LEARN

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.