What is FAIS?
The FAIS (Financial and Intermediary Services) Act is designed to give the client protection against poor advice and to govern intermediary services i.e. how well we look after the administration of your insurances. In terms of the act, any person or institution selling a financial product or giving you financial advice for a fee or commission, must meet certain requirement in order to deal with you. We as the intermediary must behave honourably, professionally and with due diligence. We must also provide you with appropriate advice and are subject to disciplinary procedures if we do not adhere to the FAIS act.
Questions to ask your Financial Services Provider:
1) Are you registered with the Financial Services Board as a Financial Services Provider?
2) Do you have professional indemnity insurance?
3) Which company's products are you licensed to sell?
4) What products are you licensed to sell?
5) What are your staff's qualifications?
6) How will you be paid & how much?
7) How often will I see you?
What happens if you have a dispute on a claim with the insurer?
If you suffer a loss and your insurer repudiates your claim and you feel that this is either unfair in view of the circumstances of the loss or incorrect based on terms and conditions and the policy wording, you then do have the right to approach the short term Ombudsman, who has jurisdiction to review the circumstances and make recommendations on such disputes. His authority covers both personal and certain commercial insurances. Should such a situation occur, we will assist you once we receive your complaint in writing which must be addressed to one of the members of Key Investment & Financial Solutions cc, namely S. Keylock or M. Maasburg who are our registered and appointed Key Individuals.
The Ombudsman's details are as follows:
Short Term Insurance Ombudsman
Tel: 011-726-8900 Fax: 011-726-5501 P.O. Box 32334, Braamfontein, 2017
Compliance with Financial Advisory and Intermediary Service Act “FAIS” is monitored by AP Business Services. Our Compliance officer is Liezl Sadler who can be contacted on 0861 272 874 or on e-mail: email@example.com
Key Investment and Financial Solutions hold professional Indemnity Insurance.
Financial Service Provider Number: 41580