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Unit Standard No.12164Page 85

FAIS

Module 3

The authorisation process and how it works

This module will explore the authorisation process to be followed by a Financial Services Provider.     

Outcomes for Module 3:

Learners will

Demonstrate an understanding of at least three different career paths affected by the FAIS legislation and the requirements for licensing by the Financial Services Board for each of them.

Name additional legislation applicable to the three selected career paths and indicate why FAIS and the named legislation control each career path.

Indicate the minimum requirements needed to be licensed in own situation.

Describe the relationship between Financial Services Providers and representatives as envisaged in the legislation.

The concept of a natural person is explained as defined in the FAIS legislation.

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.

INSMAT final materials31/10/03

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