Self-assessment
FAIS Self-Assessment (Financial Services Providers)
12 yes/no questions for businesses that advise on or sell financial products: your FSCA licence, key individuals and representatives, fit and proper requirements, disclosure and conduct, conflicts of interest and compliance. You get a score for each area and a list of gaps with what to do about each one.
1. Licence and people
Answer Not applicable throughout if you do not give financial advice or provide intermediary services on financial products.
1. Do you hold a licence from the Financial Sector Conduct Authority (FSCA) for every category of financial service and product you provide?
Anyone who gives financial advice or performs intermediary services as a regular part of their business must be authorised as a financial services provider. (FAIS Act s7)
2. Have you appointed one or more key individuals who are approved for the categories on your licence, and are they actively managing the business?
(FAIS Act, Fit and Proper Determination)
3. Does every representative who gives advice or sells on your behalf meet the fit and proper requirements (honesty and integrity, competence, operational ability and financial soundness) and appear on your register?
(FAIS Act s6A, s13)
4. Do you check each representative's regulatory exam status and keep up with continuous professional development?
(FAIS Fit and Proper Determination)
5. Do your representatives have a written mandate or service contract with you, which you confirm to clients before they provide a service?
(FAIS Act s13(1)(b))
2. Conduct and disclosure
1. Do you follow the General Code of Conduct, including acting honestly and fairly, in the interests of clients, and keeping client information confidential?
(FAIS Act s15, General Code of Conduct)
2. Do you give clients the required disclosures before advising: who you are, your licence, products, fees, conflicts of interest and complaints process?
(General Code of Conduct)
3. Do you base advice on a record of the client's needs and circumstances, and keep a record of the advice and the reasons?
(General Code of Conduct)
4. Do you have a conflict of interest management policy that you adopt, implement and maintain?
(FAIS Act, General Code of Conduct)
5. Do you have a clear, fair complaints procedure, and handle complaints within the time required?
(General Code of Conduct, FAIS Ombud rules)
3. Compliance and related duties
1. Do you have an approved compliance officer (internal or external) who monitors your compliance and reports to the FSCA as required?
(FAIS Act s17)
2. Do you also follow FICA, POPIA and the other laws that apply to financial services providers, such as holding professional indemnity cover and paying your levies and fees?
(FICA, POPIA, FAIS)
Sources
Turn these gaps into tracked tasks
Assign owners and due dates, keep the evidence, and show your progress to clients and auditors.