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Financial Advisory and Intermediary Services Act

The 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 FSP's. 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.
Fit and proper requirements

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

If you are unsatisfied with advice given or service rendered in relation to a particular product, please refer your compliant 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.

If you are unsatisfied with advice given or service rendered in relation to a particular product, please refer your compliant 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.

To view the complete FAIS, click below to download:

 PDF Download Icon Ithala FAIS

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Ithala is an Authorised Financial Services and Credit Provider
FSP License No. 17139 NCRCP No. 1559 Reg No. 2001/007427/30
Ithala SOC Limited is a wholly-owned subsidiary of Ithala Development Finance Corporation Limited