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Unit Standard No.12164Page 131

THE IMPORTANCE OF TIMING

It is apparent under the FAIS General Code of Conduct that timing is of importance in carrying out the various compliance provisions.

The following excerpts from the General Code illustrate the point about information made to a client and the time within which this must be done:

Specific duties of provider

3. (1) When a provider renders a financial service–

(a) representations made and information provided to a client by the provider–

(i) must be factually correct;

(ii) must be provided in plain language, avoid uncertainty or confusion and not be misleading;

(iii) must be adequate and appropriate in the circumstances of the particular financial service, taking into account the factually established or reasonably assumed level of knowledge of the client;

(iv) must be provided timeously so as to afford the client reasonably sufficient time to make an informed decision about the proposed transaction.

On Information regarding Product Suppliers, it is apparent that there is a timing obligation on the part of a Provider to confirm certain information regarding the Product supplier.

PART III

INFORMATION ON PRODUCT SUPPLIERS

4. (1) A provider other than a direct marketer must at the earliest reasonable opportunity, and only where appropriate, furnish the client with full particulars of the following information about the relevant product supplier and, where such information is provided orally, must confirm such information within 30 days in writing:

(a) Name, physical location, and postal and telephone contact details of the product supplier;

(b) (i) the contractual relationship with the product supplier (if any), and whether the provider has contractual relationships with other product suppliers.

INSMAT final materials31/10/03

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