South Africa
Financial Advisory and Intermediary Services Act, 2002
Act 37 of 2002
- Published in Government Gazette 24079 on 15 November 2002
- Assented to on 15 November 2002
- There are multiple commencements
- [This is the version of this document as it was from 15 November 2002 to 31 October 2008.]
Provisions | Status |
---|---|
Subpart Introductory provisions (section 1); Chapter 1 (section 2–6); Chapter II (section 7–12); Chapter III, section 13(1)(b), 13(2), 13(3), 13(4), 13(5), 13(6), section 14; Chapter IV (section 15–16); Chapter V (section 17–19); Chapter VI, Part I, section 32; Part II (section 33–39); Chapter VII (section 40–46) |
commenced on 15 November 2002
by Proclamation R81 of 2002.
Note: Date of commencement of whole Act, except sections 13(1)(a) and 20-31 |
Chapter VI, Part I, section 20–31 |
commenced on 8 March 2003
by Proclamation R21 of 2003.
Note: Date of commencement of sections 20–31 |
Chapter III, section 13(1)(a) |
commenced on 30 September 2004
by Proclamation 35 of 2004.
Note: Date of commencement of section 13(1)(a) |
Introductory provisions
1. Definitions and application
Chapter 1
Administration of Act
2. Registrar and deputy registrar of financial services providers
The executive officer and deputy executive officer of the Board are respectively the registrar and deputy registrar of financial services providers and have the powers and duties provided for by or under this Act or any other law.3. General provisions concerning registrar
4. Special provisions concerning powers of registrar
5. Advisory Committee on Financial Services Providers
6. Delegations and authorisations
Chapter II
Authorisation of financial services providers
7. Authorisation of financial services providers
8. Application for authorisation
9. Suspension of authorisation
10. Withdrawal of authorisation
11. Lapsing of licence
12. Exemptions in respect of product suppliers
Chapter III
Representatives of authorised financial services providers
13. Qualifications of representatives and duties of authorised financial services providers
14. Debarment of representatives
Chapter IV
Codes of conduct
15. Publication of codes of conduct
16. Principles of code of conduct
Chapter V
Duties of authorised financial services providers
17. Compliance officers and compliance arrangements
18. Maintenance of records
An authorised financial services provider must, except to the extent exempted by the registrar, maintain records for a minimum period of five years regarding—19. Accounting and audit requirements
Chapter VI
Enforcement
Part I – Ombud for Financial Services Providers
20. Office of Ombud for Financial Services Providers
21. Appointment of Ombud and deputy ombuds
22. Funding of Office
23. Accountability
24. General administrative powers of Ombud
The Ombud may for the performance of functions in the Office and as a charge against or for the benefit of the funds of the Office, as the case may be—25. Disestablishment and liquidation of Office
26. Powers of Board
27. Receipt of complaints, prescription, jurisdiction and investigation
28. Determinations by Ombud
29. Record-keeping
30. Report of Ombud
31. Penalties
Any person who—32. Promotion of client education by registrar
The registrar may take any steps conducive to client education and the promotion of awareness of the nature and availability of the Ombud and other enforcement measures established by or in terms of this Act, including arrangements with the Ombud, representative bodies of the financial services industry, client and consumer bodies, or product suppliers and authorised financial services providers and their representatives to assist in the disclosure of information to the general public on matters dealt with in this Act.Part II – Other enforcement measures
33. Civil remedies
34. Undesirable practices
35. Regulations
36. Offences and penalties
Any person who—37. Consideration of quantum of fines and penalties
38. Voluntary sequestration, winding-up and closure
No—39. Right of appeal
Any person who feels aggrieved by any decision by the registrar or the Ombud under this Act which affects that person, may appeal to the board of appeal established by section 26(1) of the Financial Services Board Act, in respect of which appeal the said section 26 applies with the necessary changes.Chapter VII
Miscellaneous
40. Saving of rights
No provision of this Act, and no act performed under or in terms of any such provision, may be construed as affecting any right of a client, or other affected person, to seek appropriate legal redress in terms of common law or any other statutory law, and whether relating to civil or criminal matters, in respect of the rendering of any financial service by an authorised financial services provider, or representative of such provider, or any act of a person who is not an authorised financial services provider or a representative of such a provider.41. Fees and penalties
42. Exchange of information
The registrar may disclose information obtained in the course of performing functions in terms of this Act, unless such disclosure will not be in the public interest, but subject to any guidelines issued by the Board to the registrar—43. Limitation of liability
The Minister, the Board or a member thereof, any officer or employee assisting the Board, the registrar, the Advisory Committee or any member thereof, the Ombud and any employee in the Office of the Ombud, or other body or person performing any function in terms of this Act, is not liable for any loss sustained by or damage caused to any person as a result of anything done or omitted by any of them in the bona fide exercise of any power or carrying out of any duty or performance of any function under or in terms of a provision of this Act.44. Exemptions by registrar and Minister
45. Exemptions, and amendment or repeal of laws
46. Commencement and short title
This Act is called the Financial Advisory and Intermediary Services Act, 2002, and comes into operation on a date fixed by the President by proclamation in the Gazette.History of this document
01 April 2023 amendment not yet applied
28 September 2018 amendment not yet applied
Amended by
Financial Sector Regulation Act, 2017
01 April 2018 amendment not yet applied
Amended by
Financial Sector Regulation Act, 2017
30 May 2014 amendment not yet applied
28 February 2014 amendment not yet applied
03 June 2013 amendment not yet applied
Amended by
Financial Markets Act, 2012
01 May 2009 amendment not yet applied
01 November 2008 amendment not yet applied
30 September 2004
Commenced by
Financial Advisory and Intermediary Services Act, 2002: Commencement
Note: Date of commencement of section 13(1)(a)
08 March 2003
Commenced by
Financial Advisory and Intermediary Services Act, 2002: Commencement
Note: Date of commencement of sections 20–31
15 November 2002 this version
Assented to
Commenced by
Financial Advisory and Intermediary Services Act, 2002: Commencement
Note: Date of commencement of whole Act, except sections 13(1)(a) and 20-31
Subsidiary legislation
Cited documents 13
Legislation 13
1. | Constitution of the Republic of South Africa, 1996 | 4487 citations |
2. | Insolvency Act, 1936 | 3556 citations |
3. | Pension Funds Act, 1956 | 1510 citations |
4. | Banks Act, 1990 | 855 citations |
5. | Prescription Act, 1969 | 508 citations |
6. | Medical Schemes Act, 1998 | 389 citations |
7. | Commissions Act, 1947 | 302 citations |
8. | Long-term Insurance Act, 1998 | 295 citations |
9. | Trust Property Control Act, 1988 | 293 citations |
10. | Short-term Insurance Act, 1998 | 284 citations |
11. | Financial Services Board Act, 1990 | 207 citations |
12. | Mutual Banks Act, 1993 | 161 citations |
13. | Safe Deposit of Securities Act, 1992 | 76 citations |
Documents citing this one 309
Gazette 234
Judgment 46
Legislation 27
Joint Guidance Notice 1
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Law Reform Report 1
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