To ensure that clients receive sound financial advice, services and products tailored to their individual needs, the Financial Advisory and Intermediary Services Act requires that only competent and qualified persons render services and give advice.
An untrained representative of a brokerage should never be allowed to give advice, hence the requirement that an insurance advisor be FAIS accredited. You must have a current FAIS accreditation to work in the finance and insurance sector.
What is FAIS?
The Financial Advisory and Intermediary Services (FAIS) Act is responsible for the regulation of Financial Service Providers (“FSPs”) to ensure a sound financial investment environment in South Africa.
What does FAIS mean to you?
Not only does FAIS accreditation make it legal for you to work in the insurance and financial services sector, it also equips you with the skills to give your customers sound advice which reflects positively on your career and company.
What does FAIS mean to the customer?
FAIS imposes responsibility on providers to assess customer's financial needs before providing appropriate advice. This ensures that consumers are protected from making unsound financial decisions. It also ensures that there is a system in place for monitoring and dealing with any complaints.
To find out more about FAIS accreditation or if you are FAIS accredited and would like to apply for a position in the financial services or insurance sectors call EAW today: 011 793 6780.