Unit Standard No.12164Page 24
Measures for consumer protection are explained as contained in the legislation.
The relationship between different players in the industry is explained and illustrated diagramatically with reference to a particular organisation.
Specific Outcome 2:Describe the authorisation process.
Career paths affected by FAIS are identified and requirements for licensing by the Financial Services Board are indicated for three different career paths.
Additional legislation applicable to the three selected career paths is named and an indication is given as to why FAIS and the named legislation control each career path.
An indication is given of the minimum requirements needed to be licensed in own situation.
The relationship between Financial Services Providers and representatives is described as envisaged in the legislation.
The concept of a natural person is explained as defined in the FAIS legislation.
Interrelationships between Financial Service Providers are described in terms of co-responsibility.
Exemptions that are possible in terms of the legislation are named and identified in case studies.
The role of recognised industry bodies in licensing and compliance is explained with reference to the process of licensing and approval of compliance officers.
Conditions under which suspensions, withdrawals and reinstatement of authorisation may be imposed are listed with examples.
Specific Outcome 3:Apply disclosure and conduct requirements to a selected sub sector.
The disclosure rules are interpreted for a sub sector of the financial services industry.
The importance of timing and extent of disclosure is explained and an indication given of the implications if disclosure is not made timeously.
INSMAT final materials31/10/03