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Unit Standard No.12164Page 25

3.3

The code of conduct for a selected sub sector of the Financial Services sector is outlined and an indication is given of what proof is required as evidence of compliance.

3.4

Requirements regarding record keeping are indicated with reference to what records should be kept and for how long different records should be maintained in terms of the legislation.

3.5

Compliance provisions made by an organisation are investigated, evaluated and findings are presented in a report.

3.6

The requirements of disclosure required by legislation are demonstrated for three selected products.

3.7

The effect of disclosure requirements on commission is explained with reference to a line of business and a specific policy/product.

Specific Outcome 4:Explain the mechanisms for enforcement and the implications for the intermediary and the industry.

Assessment Criteria:

4.1

The role and functions of the Registrar are explained as envisaged in the legislation.

4.2

The role and functions of the FAIS Ombuds are explained as envisaged in the legislation.

4.3

The consequences of non compliance are explained with reference to steps that the Registrar could take in cases of non compliance.

4.4

The role of the various industry bodies is described in relation to standard setting for FAIS.

4.5

The role, duties and powers of the courts are described in terms of judgements against organisations and redress through the courts.

4.6

Remedies available to the industry and avenues for reinstatement are indicated for an organisation.

Specific Outcome 5:Explain the rights of recourse available to aggrieved clients.

Assessment Criteria:

5.1

The role, powers and duties of the Ombudsman are explained as they apply to individual clients.

5.2

The role, powers and duties of the Registrar are explained as they apply to individual clients.

INSMAT final materials31/10/03

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