FAIS Act Role Players: Key Notes
Key points Financial Sector Conduct Authority (FSCA): Oversees the conduct regulation of the financial services industry, ensuring compliance with the FAIS Act and taking enforcement action against non-compliant FSPs and regulated officers. Professional Bodies: Promote ethical behavior and set conduct and qualification standards within the financial services industry, though membership is voluntary, and they have […]
Scopes of Authorisation: Topic 2
Additional Separation Structures To further support the FSCA in setting fit and proper requirements for regulated officers, the framework categorizes financial products into product tiers and business classes. Tiers of Products The FSCA categorizes financial products into two tiers: Tier 1 and Tier 2. Tier 2 Products: Representatives authorized to sell these enjoy exemptions from […]
FAIS Act Role Players: Topic 1
introduction In a legal framework, various role players are involved, and they can be categorized into two main groups: regulatory role players and regulated role players. Regulatory Role Players These are the entities or organizations that create, enforce, and oversee the laws and regulations. FSCA (Financial Sector Conduct Authority): This body regulates financial institutions to […]
Scope of the FAIS Act: Key Notes
Key points FAIS Act Regulation: The FAIS Act regulates the provision of financial services to clients in relation to financial products. For any commercial interaction to be regulated under FAIS, three elements must be present: Financial Service Financial Product Client Types of Financial Services: Financial services can be provided as advice and/or intermediary services. Determining […]
Scope of the FAIS Act: Topic 2
Definition of Financial Service Financial services can be provided as advice and/or intermediary service. Persons may only provide financial services if they are licensed as, or represent, a licensed FSP. Both advice and intermediary service need to be in relation to a financial product provided to a client for it to be regulated under the […]
Scope of the FAIS Act: Topic 1
Revision Clip Introduction FAIS Act → Financial Advisory and Intermediary Services Act. The FAIS Act serves as a consumer protection regulation, ensuring that businesses and their employees who provide financial services are authorized and meet the necessary standards of honesty, operational ability, and competency The main objectives of the FAIS Act are to maintain: · […]
RE Topic Template
TH1 Text H2 Text Key points