Legislation
The Financial Sector Regulation Act (FSRA) of 2017 in South Africa is a key piece of legislation that establishes a system of financial regulation, with the aim of preserving and enhancing financial stability, improving market conduct, and protecting financial customers. It also creates the Prudential Authority (PA) and the Financial Sector Conduct Authority (FSCA), which are responsible for regulating and supervising financial institutions and financial products.
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The Financial Advisory and Intermediary Services (FAIS) Act 37 of 2002 is a South African law that regulates the financial advisory and intermediary services industry. Its main purpose is to protect consumers of financial products and services, professionalise the industry, and ensure that financial service providers act in a competent and ethical manner. The act applies to many intermediaries, including insurance brokers and mortgage brokers.
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