AMENDMENTS TO THE FAIS GENERAL CODE OF CONDUCT AND FIT AND PROPER REQUIREMENTS, 2017

The Financial Sector Conduct Authority (FSCA) has published the final amendments to the FAIS General Code of Conduct for Authorised Financial Services Providers and Representatives (the General Code), as well as the FAIS Fit and Proper Requirements, 2017. 

The amendments will come into operation 6 months after the effective date, being 26 June 2020 and can be viewed here and here

The amendments are as a result of the ongoing Retail Distribution Review and the introduction of new terminology by the Insurance Acts but are, according to the FSCA, ‘not envisaged to be material’. 

Some of the changes to the General Code include: 

  • Changes to the advertising guidelines;
  • Changes to the record of advice templates;
  • Changes to the Complaints Management Framework, and
  • Changes to the Conflict of Interest Management Policy.

Some changes to the Fit and Proper Requirements, 2017 include:

  • Changes to the definition of ‘CPD activity’ which requires Professional Bodies to only accredit activities that are verifiable, and
  • Removal of reference to ‘contractor’ in the definitions of ‘annual’ expenditure and ‘remuneration’.

We encourage our clients to ensure that their internal policies and procedures remain up to date with current legislation.

To assist our clients, we are in the process of updating the relevant ICS specimen policies and will make these available shortly. 

GET IN TOUCH

If you would like to find out more about the services that ICS offers please contact us.