The FAIS role players were introduced by the FAIS Act, can also be referred to as key participants in the financial services sector. Below we provide a description of some of the FAIS role-players.
Overview of the FAIS Role-players
The FSCA
The Financial Sector Conduct Authority (FSCA) was established by the Financial Sector Regulation Act 9 of 2017 (the FSR Act) to become a dedicated market conduct authority replacing the Financial Services Board (FSB), on 1 April 2018.
What is the role of the FSCA?
The Financial Sector Conduct Authority (FSCA) is a statutory body that supervises market conduct in relation to the provision of financial products and financial services in South Africa.
FSCA aims to enhance and support the efficiency and integrity of financial markets and to protect financial customers by promoting their fair treatment by financial institutions, as well as providing financial customers with financial education. The FSCA will further assist in maintaining financial stability.
What is the FAIS registrar?
The office of the Registrar of Financial services Providers (” the Registrar”) main. responsibility is to administer the Financial Advisory and Intermediary Services. Act 37 of 2002 (the FAIS Act) whose aim is to regulate the rendering of certain. financial advisory and intermediary services to clients.
A Financial Services Provider (FSP)
A Financial Services Provider includes any institution that offers financial advice or offers personal finance products, such as insurance, investments, or loans.
The Financial Sector Conduct Authority (FSCA) and Financial Advisory and Intermediary Services Act (FAIS) requires that every Financial Services Provider (FSP) be registered with the FSCA before they may legally conduct business.
A Key Individual (KI)
A Key Individuals (KI) is responsible for managing and overseeing the activities relating to the rendering of any financial service.
A Representative (Rep)
a person employed or mandated by a financial services provider, who renders a financial service to a client for or on behalf of a financial services provider.
