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Financial Advisory and Intermediary Services Act (FAIS) of 2002

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Financial Advisory and Intermediary Services Act (FAIS) of 2002

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Questions and Answers

What is the primary objective of the Financial Advisory and Intermediary Services Act (FAIS) in South Africa?

To protect consumers by ensuring minimum conduct standards (correct)

To promote the financial industry's growth

To increase the number of financial service providers

To regulate financial markets and trade

What does the FAIS act cover?

Only provider conduct

Financial advice, product marketing and sales, and provider conduct (correct)

Only financial product marketing and sales

Only financial advice

What is one of the requirements of the FAIS act?

Licensing, educational and training requirements (correct)

Mandatory investment in financial markets

Annual auditing of financial service providers

Quarterly reporting of financial performance

What is a criticism of the FAIS act?

It is too complex and does not provide sufficient consumer protection Signup and view all the answers

What is the overall effect of the FAIS act on the financial industry?

It has fostered professionalism, ethics, and consumer trust Signup and view all the answers

What is the primary mechanism by which the Financial Advisory and Intermediary Services Act (FAIS) enhances consumer confidence?

Through the establishment of ethical and professional standards for advisors and intermediaries Signup and view all the answers

What is a likely consequence of the FAIS act's emphasis on record maintenance?

Improved consumer protection through enhanced transparency Signup and view all the answers

Which of the following is a potential benefit of the FAIS act's licensing requirements?

Improved quality of financial advice and services Signup and view all the answers

What is the primary challenge posed by the FAIS act's complexity?

Difficulty in ensuring compliance among providers Signup and view all the answers

What is the ultimate goal of the FAIS act's focus on provider conduct?

To protect consumers and maintain their trust Signup and view all the answers