Advice
You wouldn’t get medical advice about a serious health problem by calling a call centre, so why do the same with your financial affairs? In the increasingly complex world of financial services, independent, personal and professional advice makes a big difference and helps you make the right financial decisions that will ensure your family’s financial security. Plus, it won’t cost you any more than using a direct insurer.
Protection
Not only do intermediaries play an important role in assisting consumers to manage their finances, they’re also there when it really counts – such as when you have to lodge a claim. Because they have the necessary expertise intermediaries are able to help you navigate the legal fine print and can negotiate with insurers and service providers on your behalf. They form a vital link between consumers and service providers such as insurance companies and medical schemes.
Guidance
Your intermediary can help you understand the benefits and risks of using certain financial products and in so doing, empower you to take control of your financial affairs. With new products and services continually on offer, it helps to have a qualified adviser on your side.
Benefits of FIA Intermediaries
All FIA members comply with legislation and regulation relating to the financial services industry and have the necessary licences and qualifications to provide you with expert advice. Members of the FIA are required to conduct their business activities with honesty, transparency and integrity.
You can also trust that all information you provide to your adviser will be kept confidential. FIA-accredited advisers are kept up-to-date with the latest industry developments so you have access to the best advice available. FIA Intermediaries Should…
- Meet high standards of professionalism;
- Consider your interests above all else;
- Honour confidentiality clauses regarding any information you may provide for the purposes of managing your financial affairs;
- Comply with all legislation and regulations relating to the financial services industry and, in particular, limit their advice and services to the categories stated in their licensing agreement;
- Protect your rights in any interaction with insurers and other service providers;
- Provide guidance around using financial products;
- Tailor-make your insurance cover;
- Keep up-to-date with regulatory and legislative changes;
- Provide ongoing and regular feedback about financial products and their performance; and
- Conduct research and assist you in making the right financial decisions.
Governing Regulations
In order to give advice, financial intermediaries require a licence issued by the Financial Services Board. In addition to the compliance and conduct requirements of the Financial Advisory and Intermediary Services (FAIS) Act, members are obliged to conduct business in terms of the FIA’s Code of Conduct. This code aims to ensure that intermediaries maintain a professional relationship with clients, the regulator and financial services product providers.
In any instance where the Code of Conduct has been breached, the FIA co-operates fully with the appropriate regulator and will take disciplinary action against defaulting members if necessary. All members of the FIA are authorised financial services providers or representatives of such providers.
