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Unit Standard No.12164Page 117

In addition to the above requirement for professional behaviour, the code of conduct in particular contains provisions relating to;

the making of adequate disclosures of relevant material information, including disclosures of actual or potential own interests, in relation to dealings with clients;

adequate and appropriate record-keeping;

avoidance of fraudulent and misleading advertising, canvassing and marketing;

proper safe-keeping, separation and protection of funds and transaction documentation of clients;

where appropriate, suitable guarantees or professional indemnity or fidelity insurance cover, and mechanisms for adjustments of such guarantees or cover by the registrar in any particular case; and

any other matter which is necessary or expedient to be regulated in such code for the better achievement of the objects of this Act.

It is important to note that the spirit and requirements of disclosure in Policyholder Protection Rules (PPR) integrated into FAIS (the statutory notice in PPR is dropped in FAIS).  The advantage of this transfer of disclosure requirements from PPR to FAIS is that disclosures can be effectively made into a marketing type document. This will ensure that the business process is not hindered, but enhanced.

DISCLOSURES

There are various types of disclosures as shown below:

Disclosures by Product Suppliers;

Disclosures by Financial services providers; or

Disclosures regarding Financial services products.

Let us look at the disclosures in that order.

DISCLOSURES BY PRODUCT SUPPLIERS

INSMAT final materials31/10/03

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