This module is suitable for first year Accounting studies and is aligned to:
- Accounting 1A (UNISA FAC1501)
The Financial Advisory and Intermediary Services Act (FAIS), No. 37 of 2002, is a far-reaching piece of legislation that has changed how business is conducted by financial services providers and how client relationships are established and maintained in South Africa.
The Act is possibly best known for imposing the ubiquitous “fit and proper requirements” which demand that financial advisors meet certain minimum levels of experience and education in order to be licensed to give advice.
The FAIS Act, in conjunction with other relevant legislation, has created a formal system for the regulation of financial advisors and intermediaries in South Africa. Consumers, as a result, may now seek appropriate redress if they have been unprofessionally or recklessly treated by a financial advisor or provider.
The publication is aligned to Unit Standard # 242584, "Demonstrate knowledge and understanding of the Financial Advisory and Intermediary Services Act 2002 (FAIS) (Act 37 of 2002) as it impacts on a specific financial services sub-sector". NQF level 4, 2 credits
Workers in the financial services sector who give financial advice under FAIS.
It will be useful for financial planners, intermediaries and support staff employed by financial service providers.
Welcome to the Understanding FICA course in VirtualBook format. If you do not already have the VirtualBook Reader, you need to download and install the Reader from the link below.