Unit Standard No.12164Page 78
These are the persons who render a financial service to clients for or on behalf of an FSP, in terms of an employment or any other mandatory agreement. An example of a representative would be a tied agent of a large corporate or a financial advisor who operates under the auspices of an independent brokerage.
means any person who renders a financial service to a client for or on behalf of a financial services provider, in terms of conditions of employment or any other mandatory agreement, but excludes a person rendering clerical, technical, administrative, legal, accounting or other service in a subsidiary or subordinate capacity, which service-
(a) does not require judgment on the part of the latter person; or
(b) does not lead a client to any specific transaction in respect of a financial
product in response to general enquiries ;
This is the person responsible for the financial statements of the FSP and who submits reports to the FSB on the financial state of the FSP.
According to the Act, the definition of Auditor is as follows:
means an auditor registered in terms of the Public Accountants' and Auditors' Act, 1991 (Act No. 80 of 1991)
Section 19 of the FAIS Act deals with the requirement of Accounting and audit requirements.
These are the staff that supports the function of the sales staff within the administrative functions of an FSP.
INSMAT final materials31/10/03