Financial Advisory and Intermediary Services Act (FAIS)

The Financial Advisory and Intermediary Services Act, also known as FAIS, aims to regulate financial service providers (FSPs) by protecting the public against improper conduct by such FSPs. The Act makes provision for FSP's to be licenced and authorised through the Financial Services Board (FSB).

The FSB also regulates members of the industry in the way they provide advice, as well as related intermediary services, such as processing insurance claims, in terms of certain financial products, as defined by the Act.

Fit and Proper Requirements

The Act requires that competent and qualified persons render services and give advice (fit and proper requirements) so that one receives sound financial advice, services and products that best suit one’s individual needs. The products covered under FAIS include investments, insurance and deposits. Loans and credit agreements are not covered.

Complaints

If one is dissatisfied with advice given or services rendered in relation to a particular product, complaints should be referred to the Bank and we will attempt to resolve the issue internally. If, however, one remains dissatisfied, after all internal processes have been exhausted, the FAIS Ombudsman has been created by the FSB to handle all FAIS-related complaints.

FAIS Conflict Of Interest Policy