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The Financial Advisory and Intermediary Services Act (37 of 2002) affects the way in which a Financial Services Provider (FSP) conducts business and interacts with Consumers, and guides Consumers in their daily dealings with their chosen product provider.
The Financial Advisory and Intermediary Services Act (37 of 2002) regulates the activities of all financial services providers (FSPs) who give advice or provide intermediary services to Consumers of certain financial products. The Financial Advisory and Intermediary Services (FAIS) Act requires that FSPs be licensed and creates a professional code of conduct with specific enforcement measures. All FSPs must ensure that they comply with the legislation, and with certain specific fit and proper requirements as stipulated in the act.
A financial service provider (FSP) may not request or induce you in any manner to waive any right or benefit you have in terms of the FAIS Act, nor can an FSP recognise, accept or act on any such waiver by you. Any such waiver is null and void in terms of the FAIS Act.
If you receive inappropriate advice or your financial service provider (FSP) or FSP representative has not followed the proper procedures, you are entitled to complain to the Ombud for Financial Service Providers. The Ombud for Financial Service Providers is Charles Pillai.
Telephone: 0860 324 766
Fax: (012) 348 3447
Postal address: PO Box 74571, Lynnwoodridge, 0040
Email: info@faisombud.co.za
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