Financial Advisory and Intermediary Services (FAIS) Act

The collaborative efforts of SAIA and the Financial Intermediaries Association (FIA), which provided detailed input into the Fit & Proper proposals for the short-term insurance product categories, were rewarded with the release of the Financial Advisory and Intermediary Services (FAIS) Act amendments during 2008.

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Admittedly, short-term insurers will have to adapt to tougher Fit & Proper requirements from 1 January 2009. Those entering the industry for the first time from January 2009, will need to work towards a complete qualification, versus their peers who had to meet the minimum requirement of 30 and 60 credits for short-term insurance: personal lines and commercial lines respectively.

Some will choose to see this as a barrier to entry and others as an opportunity for the short-term industry to raise the bar and professionalise its image. The main impact of the changes includes two new additions to the existing Fit & Proper requirements, namely Continuous Professional Development (CPD) and regulatory examinations. SAIA believes that these new requirements will add value to the quality of service being offered to consumers, enhance the image of the short-term industry and align the sector to international best practice on human capital development.

>> Click here to download the FAIS booklet

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The South African Insurance Association
Association Incorporated under Section 21
Registration No.1998/25543/08

Postal address:
PO Box 30619
Braamfontein
2017

Physical address:
3rd Floor, JCC House
27 Owl Street
Milpark

Contact detail:
Tel: +27 11 726 5381
Fax: +27 11 726 5351
Email: info@saia.co.za

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Financial Advisory and Intermediary Services (FAIS) Act

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