FAIS Compliance

Europ Assistance South Africa is known to be at the forefront, not only of technology but also of changes in the markets, products and legislation. The latter has taken precedence in light of the new Financial Advisory and Intermediary Services Act 37 of 2002. (FAIS)

This legislation has been introduced to set standards and control financial services intermediaries (brokers) or consultants, who provide advice on matters of an investment (financial) nature and the need for legislation to control them has come about due to various malpractices to which the Government has taken exception.

The Act is complex and comprehensive. But basically, it comes down to a question of "compliance" - it's a pretty all encompassing net as it were and as a user of such services, people can in future be assured that Europ Assistance will be fully compliant, when it comes to providing financial related advice through our various call centres.

Just to give you some idea of what is involved, among other things, an intermediary is required to establish various internal controls, to disclose fully the implications of the advice being given and complete records have to be kept.

The advisor also has to be fully trained and there are certain issues that he has to comply with in terms of advertising and marketing. It is all about being "fit and proper" to provide financial advice and even extends to less definitive issues such as honesty and integrity and being "candid, frank and accurate" in disclosing facts and information about an investment or a financial product. Tough conditions, but it all has to do with eliminating scams and rip-offs that have plagued the financial services industry in the past. The bottom line is that the legislation will change forever the face of investment and financial advice in this country and EASA will be with the changes all the way!

Europ Assistance for one welcomes it, and in a joint effort with Compliance Consulting (Pty) Ltd, we are in the process of finalising receipt of our financial services licence, as a financial service provider under the Act. EASA’s temporary number is 26/10/5001.

THE COMPLAINTS POLICY AND PROCEDURE
In the event of a complaint, and as per the Financial Advisory and Intermediary Services Act 37 of 2002, you should contact our designated Complaints Officer who:

• will acknowledge receipt of your written complaint;
• will investigate in line with our procedures and report the findings to you, in writing, within 6 (six) weeks;
• handle the complaint in a timely and fairly manner and;
• will keep records for five (5) years.

PROCEDURE
1. You have various options to lodge a formal complaint:

a. Website - Fill in the complaints form and click Submit.

b. Facsimile - Lodge complaint in writing to the Complaints Officer and fax to (011) 388 3544, for the attention of LEONIE VAN NIEL.

c.Email – leoniev@europassistance.co.za

d. Telephone - Dial (011) 359 5019 - speak to the Complaints Officer directly.

2. The complaint must contain all relevant information and copies of relevant documentation must be attached to the written complaint.

If you are still not happy with the outcome, you then have the right to forward any eligible complaint to the Ombud for Financial Service Providers and the details on how to do so will be sent to you.

We appreciate the effort you take in bringing the complaint to our attention.

Click to here voice your complaint.