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Unit Standard No.12164Page 77

FINANCIAL SERVICES PROVIDER

This is an entity/person which is involved either in:

The rendering of advice or the rendering of an intermediary service; or both.

This could be an entity such as a large corporate who is also a product supplier or even an independent brokerage who operates as an SMME (Small, medium, micro enterprise).

The definition of a Financial Services Provider in the FAIS Act is as follows:

"Financial services provider"

means any person, other than a representative, who as a regular feature of the business of such person -

(a) furnishes advice; or

(b) furnishes advice and renders any intermediary service; or

(c) renders an intermediary service;

KEY INDIVIDUALS

These are natural persons within the FSP who are either managing or overseeing the activities of the FSP relating to financial services (for example a manager of a distribution unit in an FSP).

"Key individual"

in relation to an authorised financial services provider, or a representative, carrying on business as-

(a) a corporate or unincorporated body, a trust or a partnership, means any natural person responsible for managing or overseeing, either alone or together with other so responsible persons, the activities of the body, trust or partnership relating to the rendering of any financial service; or

(b) a corporate body or trust consisting of only one natural person as member, director, shareholder or trustee, means any such natural person.

INSMAT final materials31/10/03

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