What recourse is available to aggrieved clients?
As a result of this, aggrieved consumers will be able to seek redress when they have been misled or misrepresented to by a representative or financial services provider.
What does a Category 1 FAIS representative do?
(a) Category I A Category I FSP renders financial services other than the financial services mentioned in Categories II, IIA, III and IV.
What is Financial Advisory and intermediary services Act?
The Financial Advisory and Intermediary Services Act (37 of 2002) regulates the activities of all fiancail services providers (FSP) who give advice or provide intermediary services to Consumers of certain financial products.
Who is protected by FAIS?
The Purpose of the FAIS Act is to: protect consumers of financial products and services. regulate the selling and advice-giving activities of FSPs. ensure that consumers are provided with adequate information about the financial product they use and about the people and institutions who sell these financial products.
How do I lodge a complaint with FAIS ombudsman?
Please use this form to tell us about your complaint. Should you need assistance to complete the form, kindly contact us on (012) 762 5000 / (012) 470 9080, Sharecall 086 066 FAIS (3247). The form, together with supporting documentation can be returned via e-mail to [email protected], or via fax on 012 348 3447.
What is Section 13 of the FAIS Act?
When reading the Fit and Proper requirements together with the provisions in the FAIS Act, Section 13(2)(a)(b) of the FAIS Act states that an authorised financial services provider must at all times be satisfied that the provider’s representatives, and key individuals of such representatives, are, when rendering a …
What does Section 14 2 of the FAIS Act allow?
New Section 14(2) of FAIS Before effecting a debarment the provider must ensure that the debarment process is lawful, reasonable and procedurally fair.
What is the purpose of the FAIS Act?
The FAIS Act regulates the rendering of financial advisory and intermediary services to clients. The Act’s main objectives are to protect the interests of consumers and to professionalise the financial services industry.
What are the purposes of FAIS Act?
Why was there a need for FAIS protection?
FAIS imposes responsibility on providers to assess customer’s financial needs before providing appropriate advice. This ensures that consumers are protected from making unsound financial decisions. It also ensures that there is a system in place for monitoring and dealing with any complaints.
What is Fais complaint?
FAIS means the FINANCIAL ADVISORY and INTERMEDIARY SERVICES ACT no 37 of 2002. 2. COMPLAINT means, subject to section 26(1)(a)(iii) of FAIS, a specific complaint relating to a. financial service rendered by a financial services provider or representative to the complainant on.
What type of complaints the FAIS Ombud can deal with?
The objective of the FAIS Ombud is to consider and dispose of complaints by clients against financial services providers in a procedurally fair, informal, economical and expeditious manner, and by reference to what is equitable in all circumstances.
Section 13 of the FAIS Act, 2002, was amended by the inclusion of S 13 (1) (c) which provides that a person may not render financial services or contract in respect of financial services, other than in the name of the financial services provider of which such person is a representative.
When was the FAIS Act of 2002 amended?
The FAIS Act, 2002, was amended by the Financial Services Laws General Amendment Act 45 of 2013.
Where are binder functions defined in Fais Act?
Binder functions are specifically defined in S 49A of the Long Term Insurance Act, 1998 and 48A of the Short Term Insurance Act 1998. These definitions do not fall within the definition of financial services as defined in S 1 of the FAIS Act, 2002. Further dialogue is required to reach consensus.
Why was Section 13 ( 1 ) ( C ) added?
The reasons for the insertion of the requirement in section 13 (1) (c) are: To ensure that consumers of financial services know with whom they are contracting and who is ultimately responsible to perform in terms of its contract. To remove uncertainty of whether the representative is acting on its own behalf or on behalf of a principal.