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Unit Standard No.12164Page 23

UNIT STANDARD BREAK DOWN

The unit standard upon which this material is based

Is as follows:

Demonstrate knowledge and insight of the Financial Advisors and

Intermediaries Services legislation (FAIS).

PURPOSE:

This unit standard is intended for learners who give financial advice.

The qualifying learner is capable of:

Explaining the purpose of the Financial Advisors and Intermediaries Services’ legislation (FAIS).

Describing the authorisation process.

Applying disclosure and conduct requirements to a selected sub sector.

Explaining the mechanisms for enforcement and the implications for the intermediary and the industry.

Explaining the rights of recourse available to aggrieved clients.

LEARNING ASSUMED TO BE IN PLACE:

There is open access to this unit standard. Learners should be competent in communication and Mathematical Literacy at Level 3.

SPECIFIC OUTCOMES AND ASSESSMENT CRITERIA:

Specific Outcome 1:Explain the purpose of the Intermediaries Services’ (FAIS) legislation.

Assessment Criteria

1.1

The need for the FAIS legislation is explained with reference to the history of the legislation.

1.2

The problems of different legislation applying to different sectors of the industry are analysed and an indication is given of how FAIS will address these problems.

1.3

Terminology used in the legislation is explained in own words and used appropriately in context.

1.4

The concept of a financial services provider is explained in own words in at least two different ways.

1.5

The term financial product is explained and an example is given of products in each category.

INSMAT final materials31/10/03

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