Regulatory Alerts2020-02-19
FAIS Workshops for Small FSPs 2019–20
Issued by the Financial Sector Conduct Authority, this agenda outlines mandatory compliance obligations for small financial services providers under the FAIS Act and General Code of Conduct. Financial services providers must maintain valid licenses, appoint qualified key individuals and compliance officers, implement rigorous suitability analyses, and ensure transparent client disclosures regarding product replacements, fees, and ongoing obligations. The guidelines further mandate strict recordkeeping, annual financial reporting to the FSCA within four months of year-end, continuous professional development for representatives, and robust risk management to preserve financial soundness and business continuity.
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