We must comply to the regulations of the Financial Service Board (FSB) who regulates the entire financial service industry. It is the duty of the FSB to create the guidelines of which all financial service providers must follow.

Financial Advisory and Intermediary Service Act 37 of 2002 (FAIS)

The purpose of this act is to:

  • Protect consumers
  • Provide consumers with adequate information so that they can make informed decisions
  • Regulate the selling and advice giving activities of the financial planner

The act applies to licensed financial service providers, key individuals and representatives. In order to be licensed both financial service providers and their representatives must prove to the FSB that they are fit and proper.

Financial Intelligence Centre Act 38 of 2001 (FICA)

The purpose of this act is to:

  • To establish a financial intelligence centre and a money laundering advisory council
  • To combat money laundering activities
  • To impose certain duties on institution and other persons that may be used for money laundering purposes.

Our Compliance

In order for us to keep within the guidelines set out by the FSB and to remain compliant with the two above-mentioned acts it is necessary for IFS to have a compliance officer. Our compliance officer will ensure that we are always compliant with the regulations of the FSB. Our compliance officer is Compliance Connection (PTY) LTD (Gauteng) FSB No 4071.