The implications of the FAIS Act

he new Financial Advisers and Intermediary Services (FAIS) Act, passed towards the end of 2002, is a major advance in the regulation of SA`s financial planning industry. The Financial Planning Institute (FPI), SA`s largest independent body of financial advisers, has welcomed it, saying it hopes the Act will remove unscrupulous advisers who have given the industry a bad name in the past, and will lead to a permanently high standard of advice for consumers.

In this question and answer session, JMR Software, a specialist in compliance applications, asks Sakkie van der Merwe, FPI Executive Director, some key questions on the implications of the Act.

Read the full article here.

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