Financial Advisory and Intermediary Services Act
The Financial Advisory and Intermediary Services (FAIS) Act, is legislation that impacts the financial services industry and aims to regulate the giving of advice and rendering of intermediary services to clients. The FAIS Act impacts most financial institutions, financial service providers (FSPs) (such as Sanla Corporation) and their representatives.
The objectives of the FAIS Act are to:
- Protect the clients who use financial services and products;
- Protect the financial services industry; and
- Protect intermediaries.
Sanla Corporation aims to be the most professional FSP in South Africa and takes responsibility for the financial advisory and intermediary services rendered to its clients by its advisers.
It is Sanla Corporation’s mission to be the leader in wealth creation by being a client-centric organisation. The legal framework now created by the FAIS Act supports our mission to provide clients with trusted and appropriate advice and quality solutions with integrity, transparency and a culture of discipline.
How are the FAIS Act objectives being achieved?
The FAIS Act requires Sanla Corporation as a licensed FSP to:
- Determine the financial needs of our clients;
- Provide appropriate advice to clients after having established the relevant facts;
- Assist clients to make informed decisions;
- Establish an effective complaints resolution mechanism;
- Ensure that intermediaries are competent; and
- Ensure that product providers and Sanla Corporation’s advisers act with due care and diligence, and in the interests of the client.
