Regulatory Alerts2020-08-18
FSCA Communication 46 of 2020 (FAIS) on Prepopulated Records of Advice
The Financial Sector Conduct Authority mandates that financial service providers verify the accuracy of prepopulated records of advice before issuing recommendations to clients. Providers must individually confirm that factual details regarding policy wording, fees, benefits, and exclusions are correct and proactively amend any identified errors. This mandatory verification ensures reliable client decisions and shields providers from liability for damages caused by unverified, inaccurate prepopulated data.
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