FSCA publishes final FAIS Act amendments

LAST WEEK, the Financial Sector Conduct Authority (FSCA) published the final amendments to the

General and Short-term Deposit Codes of Conduct and to the Fit and Proper requirements for financial advisers under the Financial Advisory and Intermediary Services (FAIS) Act.

The regulator says the amendments are ultimately intended to promote the fair treatment and protection of financial consumers.

Some of the amendments emanated from policy processes that started in 2014, such as the Retail Distribution Review, which reforms the way in which financial products are distributed and sold.

Also, the Insurance Act of 2017 introduced new terminology and classes of insurance under the Longterm Insurance Act and the Shortterm Insurance Act. Amendments were needed to align the FAIS Act with the new terminology.

The following documents, among others, have been published:

◆ The amendment of the General Code of Conduct for Authorised Financial Services Providers and Representatives and the specific code of conduct for authorised financial services providers and representatives conducting short-term deposit business.

◆ The amendment of the determination of Fit and Proper Requirements.

These documents are available on the FSCA’S website at www.fsca.co.za. For more information regarding the conduct standards, contact the FSCA’S regulatory framework department: Hannelie.hattingh@fsca. co.za | Staff Reporter