Why the Financial Advisory and Intermediary Services (FAIS) Act?
In 2002, the Ministry of Finance in South Africa implemented the Financial Advisory and Intermediary Services (FAIS) Act to ensure that financial advice provided within the industry is regulated. The main aim of the legislation is to make certain that consumers are protected with regard to financial advice and their investment in financial products and to improve the professionalism of financial service providers (FSP’s).

How the Act works
The Act enables FSP’s to become registered and authorised by the Financial Services Board (FSB) of South Africa, which in turn is responsible for ensuring the FSP’s comply with the Act. The Act requires that only those FSP employees’ who are competent and qualified render services and give advice on behalf of the FSP. Furthermore, the specifications of the Act mean that authorised companies conduct themselves in a way which encompasses;

• Honesty and integrity;
  
• Competence and operational ability; and
• Financial soundness.

Thereby, the Act ensures that clients are provided with advice, products and services which best meet their specific needs and have their best interests in mind.

RisCura Solutions (Licence no: 6249) is an authorised Financial Services Provider in terms of Section 8 of the Financial Advisory and Intermediary Services Act, 2002. The licence authorises the licensee to carry on business in respect of the following products:

• Long-term insurance: Category A,B,C: Pension Fund Benefits, Securities and Instruments