Due to the size and scope of Old Mutual South Africa’s (Old Mutual SA) business there are a multitude of laws relating to business practice, financial services and human resources management with which we are expected to comply.
The legislation listed here centers around issues of compliance, financial advice, money-laundering and transparency.
Please note: While we aim to keep the information on this page current, from time to time the South African Government amends certain Acts by way of annexure or additional regulations.
Please visit www.polity.org.za for the most current legislative releases.
Financial Advisory & Intermediary Services Act
The Financial Advisory and Intermediary Services Act (FAIS) was promulgated to protect investors from unethical and ill-informed advisors and financial services providers.
FAIS stipulates competency levels required for selling different types of financial products. Under FAIS it is also mandatory for an advisor to conduct a thorough financial needs analysis for their clients before giving advice. Accredited advisors are required to offer product comparisons and explain their associated pro’s and cons.
Various Old Mutual companies are subject to the accreditation and licensing requirements of FAIS.
Download:
Financial Advisory & Intermediary Services Act (334 kb pdf)
Financial Intelligence Centre Act
The Financial Intelligence Centre Act (FICA) was promulagated in order to create a framework to combat money laundering activities and to establish South Africa as a serious global economic contender and attractive emerging market investment option. The main requirements of FICA are:
- Verification of the source of money e.g: a salary slip, proof of inheritance.
- The identification and verification of client identity e.g. identity number, proof of residence.
- Reporting processes: financial service providers must provide for accurate and comprehensive reporting channels to report suspicious and unusual behaviour.
- Record keeping: financial service providers must maintain up to date client records.
- The formulation of internal rules by financial services providers to ensure compliance with the act.
Download:
Financial Intelligence Centre Act (78 kb pdf)
Prevention & Combatting Corrupt Activities Act
The Act strengthens the spirit of compliance and good governance by providing measures intended to prevent and combat corruption and corrupt activities. It also established a Registrar who will:
- Place restrictions on persons and enterprises convicted of corrupt activities relating to tenders and contracts;
- Place a duty on persons holding a position of authority to report corrupt transactions.
Download:
Prevention & Combatting Corrupt Activities Act (2 Mb pdf)
Promotion of Access to Information Act
The Promotion of Access to Information Act (PAIA) upholds the public's right to access information from public and private bodies as per the Constitution. It aims to promote and support the development of good corporate governance and transparency across business.
Download:
Promotion of Access to Information Act (121 kb pdf)
A Users Guide to the PAIA (1.67 Mb pdf)
Promotion of Access to Information Act (PROATIA) Manual (106 kb pdf)