Financial Advisory and Intermediary Services (FAIS)

Financial Advisory and Intermediary Services (FAIS)
The purpose of the Financial Advisory and Intermediary Services (FAIS) Act is to protect consumers of financial services and to professionalise the financial services industry. In essence, the Act imposes certain requirements on providers of financial services to ensure that consumers receive proper financial advice, that they are provided with sufficient information to make informed investment decisions and that they are dealing with fit and proper advisors and intermediaries. In terms of the FAIS Act, all financial advisers and intermediaries must register with the FSB.
 
The FAIS Department is responsible for the regulation of Financial Service Providers.
 
 
The Department is divided into 4 divisions namely:

 
  • ​Registration, which is responsible for new license applications and profile changes.
  • Supervision, which is responsible for site visits, financial statements and compliance report analysis.
  • Compliance is responsible for suspensions, withdrawals and debarment of key individuals, representatives and financial services providers.
  • Enforcement is responsible for complaints and investigations of unregistered businesses. 

 

 

Read the following for more information;

 

 

 

​​​​​​