The Financial Advisory and Intermediary Services Act (FAIS)
FAIS, the Financial Advisory and Intermediary Services Act, is legislation that impacts on the financial services industry and aims to regulate the giving of advice and rendering of intermediary services to clients, as well as certain other issues.
The Act impacts on most financial institutions, financial service providers (such as Phoenix Trust) and their representatives.
The objectives of FAIS
The objectives of FAIS are to:
- Protect the clients who use financial services and products.
- Protect the financial services industry, and
- Protect intermediaries.
Phoenix Trust and FAIS
Phoenix Trust aims to be a professional financial service provider and takes responsibility for the financial advisory services rendered to its clients.
It is Phoenix Trust's mission to be a leader in wealth creation by being a client-centric brokerage. The legal framework now created by FAIS supports our mission to provide clients with trusted and appropriate advice and quality solutions with integrity, transparency and a culture of discipline.
How are the FAIS objectives being achieved?
FAIS requires of Phoenix Trust as a licensed financial service provider (FSP) to:
- Determine the financial needs of our clients
- Provide appropriate advice to clients after having established the relevant facts
- Assist clients to make informed decisions
- Establish an effective complaints resolution mechanism
- Ensure that product providers and Phoenix Trust's advisers act with due care and diligence, and in the interests of the client.