Subject Title - INSETA

In the discussion of the purpose and ambit of the FAIS Act in Chapter 1, itwas indicated that the FAIS Act is functional and exists together with otherlegislation in relation to its purpose.Financial services are impacted by many laws relating to financial products,security-related legislation, insurance-specific legislation as well as consumerprotection legislation, to name a few. Business needs to constantly align itspractices and compliance with applicable legislation.The key individual must ensure that there are procedures and systems inplace to identify and flag changes in legislation.An example of such a process is subscription to a service provider thatspecialises in updating business with changes, alerts and updates. Industryassociations offer valuable platforms for sharing and gaining information andknowledge. It is also important to take note of any changes and informationemanating from the FSB and other regulators.Once identified, the required action must be taken to ensure compliance. Itis also important that the key individual stays up-to-date with changes andupdates in the FAIS legislation – including the subordinate legislation.Reporting obligationsFrom the above discussion a number of reporting obligations can be identified– such as profile changes and debarment. There are also other reports thatare discussed later – including the compliance report and financialstatements. The key individual must ensure that there are adequateprocesses across the business to ensure that the information needed in thesereports can be captured and submitted to the FAIS departments and theRegistrar.128 © INSETA - Section 1 12a