FAIS Compliance

FAIS stands for the Financial Advisory and Intermediary Services Act (No. 37 of 2002), which was passed in November 2002 and applies to all financial advisors (people who advise clients on financial products) and intermediary services (brokers).

The aim of the Act is to regulate the provision of financial advisory and intermediary services, ensuring that the advice given to clients is properly provided.

How does FAIS affect iWYZE?

iWYZE is a product of Old Mutual, which is administered and underwritten by Mutual & Federal. Mutual & Federal fallls within the Act as both a Product Supplier (any person who issues a financial product/policy by virtue of law – Short-Term Insurance Act) and as a Financial Services Provider (a person or broker who provides financial advice or intermediary services to a client) and as such, is monitored by FAIS.

How does FAIS affect Intermediaries?

All intermediaries or brokers must comply with the FAIS Act and be registered as a Financial Services Provider with the Financial Services Board or an approved recognised body. To apply for registration, intermediaries can visit the FSB website.

What is the FAIS mandate process?

Intermediaries are asked to make use of the FAIS Update Form to confirm their latest details, as this will enable us to complete our FAIS mandating process successfully.

iWYZE is underwritten by Mutual & Federal Insurance Company Limited, a member of the Old Mutual Group. Mutual & Federal and Old Mutual are Licensed Financial Services Providers.