Details of FNB Financial Advisory and Intermediary Services Act (FAIS)

Details of First National Bank (FNB) Financial Advisory and Intermediary Services Act (FAIS)

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The Financial Advisory and Intermediary Services Act, also known as FAIS, aims to regulate financial service providers (FSP’s) by protecting you against improper conduct by such FSPs.

What this is

Competent + qualified to render services and give advice

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The Act makes provision for FSP’s to be licenced and authorised through the Financial Services Board (FSB).

The FSB also regulates members of the industry in the way they provide advice, as well as related intermediary services such as processing your insurance claims, in terms of certain financial products as defined by the Act.

The Act requires that competent and qualified persons render services and give advice (fit and proper requirements) so that you receive sound financial advice, services and products that best suit your individual needs. The products covered under FAIS include investments, insurance and deposits. Loans and credit agreements are not covered.

Complaints

Have your say

If you are not satisfied with advice given or a service rendered in relation to a particular product, please refer your complaint to the bank and we will attempt to resolve the issue internally. If however you remain unsatisfied, after all internal processes have been exhausted, the FAIS Ombudsman has been created by the FSB to handle all FAIS related complaints.

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View the FirstRand Limited FAIS conflict-of-interest policy