The Importance Of The Record Of Advice And Needs Analysis

FAIS Newsletter 19 contains details of the fine of R 150 000 that was imposed against a FSP for failure to comply with section 2 of the General Code of Conduct. Below is an extract from FAIS Newsletter 19. The FSP kept records of advice on some of its clients’ files detailing the nature of advice that had been given to its clients. The proper interpretation of this leads one to think that a Needs Analysis had been conducted. The Registrar’s … Continued

FICA Training

All FSP’s must provide training to their staff to enable them to comply with the provisions of FICA and the internal rules applicable to them. It is also necessary to ensure that staff undergoes refresher training. We recommend that this be done on a annual basis, all staff must complete and sign the test. Once completed, the test must be filed in the staff personnel file. It is the Key Individual’s responsibility to ensure that all marketers and admin staff … Continued

Honesty And Integrity Declaration

In order to protect a client from unethical and ill-informed advisors it is important that a standard is set for representatives of a Financial Services Providers in terms of Honesty and Integrity. The personal characteristics of representatives are very important as clients rely on representatives to guide them honestly with respect to advice on financial services and products. We encourage Key Individuals to implement an Honesty and Integrity Declaration in respect of all representatives. Attached is a template of the … Continued

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