FAIS (The Financial Advisory and Intermediary Services) AND DOFA (Date of First Appointment)

In South Africa, financial customers were given protection with the introduction of the Financial Sector Regulation Act of 2017 (FSR Act), which ensures customers are treated fairly by financial institutions. In line with this, the Financial Sector Contact Authority (FSCA) was created and aims to enhance and support the efficiency and integrity of financial markets and to protect financial customers. 

Along with the introduction of this Act, there were additional requirements for the screening of employees in the financial sector and allied companies and these are FAIS and DOFA checks.

A FAIS check will establish whether or not a candidate has been authorised by the FSCA to advise consumers on Financial or Insurance services as per Act. This helps to ensure that financial services are rendered professionally by the individual being checked.

In addition to a FAIS check, there is a DOFA check which will check the date on which an individual is first appointed as a representative of an authorised Financial Services Provider (FSP) and registered on the central representative register of the Financial Sector Conduct Authority (FSCA). Before an individual is appointed in the financial sector the DOFA must be checked to determine if the applicant has had time to comply with the fit and proper requirements of the Act.

Fortunately for us as consumers it is good to know that companies looking after our finances are making use of such checks in attempts to protect us from the many fraudsters in the market today.

These checks are done by verifying an individual’s name, surname and ID number against the Financial Services Board debarment register.

Contact info@ifacts.co.za for more information.

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