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Unit Standard No.12164Page 4

THE FINANCIAL ADVISORY AND INTERMEDIARY SERVICES ACT

Course Outcomes

Learners will

1.

Understand the context within which FAIS operates.

2.

Be able to explain the purpose of FAIS.

3.

Understand and be able to describe the authorisation process.

4.

Be able to apply disclosure and conduct requirements to a selected sub sector.

5.

Be able to explain the mechanisms for enforcement and the implications for  the intermediary and the industry.

6.

Understand and be able to explain the rights of recourse available to aggrieved clients.

NOTE TO THE LEARNER:

These notes are written primarily for the layperson who does not necessarily possess intimate knowledge about the laws governing the Financial Services Industry in South Africa.  Please note that the notes and definitions contained in this manual are suitable for the purposes of our study, but should the learner require more precise and technically exact legal definitions, direct reference to the FAIS Act, the subordinate legislation and regulations, and other related pieces of legislation are recommended.

I acknowledge, with thanks

All those who assisted with information and shared their knowledge - for their contribution to this manual.

INSMAT final materials31/10/03

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