Subject Title - INSETA

Financial productExamplePension Funds Act, 1956 (Act benefit of the members.No. 24 of 1956), to themembers of the organisation byvirtue of membership; or(ii) a friendly society referred to inthe Friendly Societies Act 6 , tothe members of the society byvirtue of membershipe) A foreign currency denominatedinvestment instrument, including aforeign currency depositf) A deposit as defined in Section 1(1) ofthe Banks Act 7Savings and 32-day noticedeposit accountsg) A health service benefit provided by amedical scheme as defined in Section1(1) of the Medical Schemes Act 8 Health benefits that areavailable in terms of amedical schemeh) Any other product similar in nature to any financial product referredto in paragraphs (a) to (g), inclusive, declared by the Registrar, afterconsultation with the Advisory Committee, by notice in the Gazette tobe a financial product for the purposes of this Acti) Any combined product containing one or more of the financialproducts referred to in paragraphs (a) to (h), inclusivej) Any financial product issued by any foreign product supplier andmarketed in the Republic and which in nature and character isessentially similar or corresponding to a financial product referred toin paragraphs (a) to (i), inclusive.SummaryChapter 1 introduced you to the main purpose and ambit of the FAIS Act,which sets out to regulate financial services in South Africa.We also discussed the product categories and sub-categories.The categorisation of products is important because it is used for thefollowing:6 Act No. 25 of 19567 Act No. 94 of 19908 Act No. 131 of 1998© INSETA - Section 1 12a 15