n Tydskrif vir die Suid-Afrikaanse Reg - The FAIS Specific Code of Conduct for Authorised Financial Services Providers and Representatives Conducting Short-term Deposit Business and the Bank and Customer Relationship : aantekeninge

Volume 2004, Issue 3
  • ISSN : 0257-7747
  • E-ISSN: 1996-2207



The Financial Advisory and Intermediary Services Act 37 of 2002 (commonly known as FAIS; hereafter, the act) came into operation on 15 November 2002 (Proc R81 in 24075 of 15 November 2002; the sections dealing with the Ombud for Financial Services Providers came into operation on 8 March 2003: Proc R21 in 25027 of 7 March 2003; s 13(1)(a) will come into operation on 30 September 2004: Proc 35 in 26496 of 2 July 2004). The act regulates the rendering of financial advisory and intermediary services (both "advice" and an "intermediary service" are defined in s 1(1) of the act) to clients in relation to certain financial products. One of the financial products is a deposit as defined in section 1(1) of the Banks Act 94 of 1990 (s 1(1) "financial product" (f); the definition of "financial product" contains a comprehensive list of such products). From 30 September 2004 no person may act as a financial services provider unless such person has been issued with a licence (s 7(1); GN 270 in 26080 of 5 March 2004). A financial services provider is a person, who as a regular feature of the business of that person, furnishes advice, furnishes advice and renders an intermediary service, or renders an intermediary service (s 1(1) "financial services provider".)

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