COMPLIANCE WITH LEGISLATION
FAIS regulates how the financial service industry advises and renders intermediary services to clients. In so doing, it protects clients, intermediaries and financial service providers like Shackleton Life. The legal framework of FAIS supports our business model that places you, the client, at the centre of our business. We exist to provide you with comprehensive, affordable products. We distribute our products only through properly accredited financial advisors to help you ensure you have appropriate advice to make informed decisions. We are committed to fairness and transparency in all that we do. FAIS legislation information as well as other compliance requirements and information is available on the FSB website.
Financial Advisory and Intermediary Services Act, 2002: “To regulate the rendering of certain financial advisory and intermediary services to clients; to repeal or amend certain laws; and to provide for matters incidental thereto.”
FAIS, is legislation that impacts on the financial services industry and aims to regulate the giving of advice and rendering of intermediary services to clients, as well as certain other issues. FAIS impacts on most financial institutions, financial service providers their representatives (such as advisers, direct sellers) and other staff.
The objectives of FAIS are to:
FAIS requires a financial service provider to:
FAIS requires that the Shackleton Life representatives:
Financial Intelligence Centre Act, 2001: “To establish a Financial Intelligence Centre and a Money Laundering Advisory Council in order to combat money laundering activities; to impose certain duties on institutions and other persons who might be used for money laundering purposes; to amend the Prevention of Organised Crime Act, 1998, and the Promotion of Access to Information Act, 2000; and to provide for matters connected therewith.”
The act has been implemented and applies to any known or suspected money laundering activity or related breach of duty, involving not only employees, contractors, temporary employees, consultants, clients but also shareholders, vendors, outside agencies, and unknown parties. This policy addresses the responsibility of management and employees for: Preventing, detecting, monitoring and reporting confirmed, suspected, detected or prevented money laundering; Client identification and verification (“know your client”); Record keeping; Money laundering control training; Monitoring of accounts, activities, policies, procedures and plans In terms of FICA, all accountable institutions have specific duties to help prevent money laundering. One of these duties is to “Know Your Client”.
Click here to access Shackleton Life’s Conflict of Interest Management Policy.
Click here for useful links that can assist you to obtain more information on the compliance and information acts as discussed above.
Shackleton Life may change this policy from time to time by updating this page. You should check this page from time to time to ensure that you are happy with any changes. This policy is effective from 1 October 2013.
We may collect the following information:
We require this information to understand your needs and provide you with a better service, and in particular for the following reasons:
We are committed to ensuring that your information is secure. In order to prevent unauthorised access or disclosure, we have put in place suitable physical, electronic and managerial procedures to safeguard and secure the information we collect online.
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The Promotion of Access to Information Act, 2 of 2000 gives persons the right of access to information that is required for the exercise or protection of any rights. Access to information will be granted once certain requirements have been met. The Act also requires private bodies, such as Shackleton Life to compile a manual, which will assist people who want to exercise their right to access to information.
We have compiled a manual in terms of PAIA to help you exercise your rights to access the information.
Click below to download our PAIA manual, the prescribed form, relavant fees or to Contact Us.