Amendment of the General Code of Conduct for Authorised Financial Services Providers and Representatives and the Specific Code of Conduct for Authorised Financial Services Providers and Representatives Conducting Short-term Deposit Business
The FSCA has published the amendments to the FAIS General Code of Conduct and Specific Code for Short-term Deposit Business. Click here for a copy of the Notice. In short, there are changes to the following existing sections, as well as the addition of new sections:
S1 – Definitions
S3 – Specific duties of provider
S3A – Financial interest and conflict of interest management policy
S4 – Information on product suppliers
S7 – Information about financial service
S7A – Forecasts, illustrations, hypothetical data or projected benefits and past performance data
S8 – Suitability
S9 – Record of advice
S14 – Advertising
S15 – Direct marketing
S16 – Complaints related definitions
S17 – Complaints management framework
S18 – Engagement with ombud and reporting
S19 – Reporting complaints information
FSPs will have to make system and process changes in order to comply with the new requirements.
