Subject Title - INSETA

Sections 20 to 31 became operational on 8 March 2003 1 . Section 13(1) became operational on 30 September 2004 2 . Section 7 became effective on 30 September 2004 3 .1.1.2 The role players in the FAIS ActThe FAIS Act has a number of role players.The Financial Services Board (FSB) is an independent institutionestablished by law to oversee the South African non-banking financialservices industry in the public interest.Financial Services Providers (FSPs) are the financial institutions,insurance companies or other entities that need to be authorised orlicensed by the FSB to provide financial services covered by the FAISAct.Key individuals are employed by the FSPs and are responsible for themanagement and oversight of the FAIS-related business.Representatives are employed or mandated by FSPs to providefinancial services to clients.Compliance officers are employed by or contracted by FSPs to assistin ensuring that the FSP complies with all the requirements of theAct.The Ombud for Financial Services Providers (FAIS Ombud) resolvesdisputes between consumers (clients) and financial service providersand their representatives with regard to financial services.1.2 THE ROLE-PLAYERS‟ DUTIES/POWER IN THE FAIS ACTThe FAIS Registrar is responsible for administration and enforcement of theAct, and the Registrar has defined functions, powers and obligations.The FAIS Registrar authorises and issues licences to FSPs.The form and manner of applications are stipulated in the Act as well as otherauthorisation requirements such as the fit and proper requirements.The FAIS Registrar approves key individuals and compliance officers.The subordinate legislation describes the fit and proper requirements.The FAIS Registrar may publish Codes of Conduct.The Codes describe the requirements when FSPs and representatives renderfinancial services to clients.1 Proclamation 21 of 20032 Proclamation 35 of 20043 GN 270/2004© INSETA - Section 1 12a 3