Legal Stuff

What is advice?
FAIS entitles you to appropriate advice on financial products based on relevant facts, your financial circumstances and your needs.  The quality of the advice given is based on the relevance and extent of information provided by you, the client.

Advice, in terms of FAIS, is any recommendation, guidance or proposal of a financial nature to any client or group of clients in respect of:
• The purchase of, and investment in, a financial product
• The conclusion of any other transaction (including a loan or cession) with the aim of accepting responsibility for it, or the acquisition of any right or benefit in such a product
• The amendment of the terms and conditions of a financial product
• The replacement or termination of such a product
• The cancellation of the purchase of/investment in such a product.

Advice excludes:
• Analysing or reporting on a financial product without making any recommendation or proposal or without giving guidance.
• Describing the procedure to enter into a transaction in respect of a financial product
• Answering routine administrative questions
• Describing a financial product
• Objective information about a financial product
• Displaying or distributing promotional material
• Information supplied by the board, management or the trustees of a pension fund or medical scheme regarding benefits enjoyed by such members.

Who may give advice?
The following “fit and proper” persons or bodies may give financial advice to you:
• A FSP (e.g. Sanlam or an independent planner/ broker)
• Authorised representatives of a FSP (e.g. Sanlam’s financial advisors and legal consultants).

Aliberti Business Solutions (AB$) supports a strategy of appropriate advice.  And appropriate advice is exactly what FAIS provides for. Yet AB$’s adherence to appropriate advice is driven by its philosophy of good business practices and not solely by complying with legislation.  It is therefore associated with good business practice.

What does fit and proper mean?
The term fit and proper is a collective term for all the personal characteristics, academic qualifications, experience and the operational ability that all FSPs, representatives and key individuals must possess to be able to render financial services.

Internal Complaints Policy,

Complaints Resolution System & Procedures

1)  Introduction
In the spirit of promoting the highest level of professional and ethical conduct, this Internal Complaints & Resolution of Complaints Policy was adopted by the Directors of AB$ (FSP), who resolved that each overseeing individual and staff member of the FSP should abide by the provisions of this policy and pledge their cooperation and commitment by signature thereof.

2)  What Constitutes a Serious (Non-Routine) Complaint?
“complaint” means, subject to section 26(1)(a)(ii) of the FAIS Act (37 of 2002), a specific complaint relating to a financial service rendered by a FSP or representative to the complainant on or after the date of commencement of the FAIS Act, and in which complaint it is alleged that the provider or representative-

(a) has contravened or failed to comply with a provision of the Act and that as a result thereof the complainant has suffered or is likely to suffer financial prejudice or damage;
(b) has willfully or negligently rendered a financial service to the complainant which has caused prejudice or damage to the complainant or which is likely to result in such prejudice or damage; or
(c) has treated the complainant unfairly.

3)  What Constitute a Routine Complaint?
AB$ is committed and dedicated to delivering a high standard of service to its clients and for this reason has decided that routine complaints by clients need to be recorded and tracked for quality control purposes.

The following are examples of routine complaints:

• Failure to or lack of proper and regular follow-up with product providers regarding instructions submitted;
• Failure to perform client instructions;
• Delay in turnaround times for processing of client instructions;
• A lack of or poor feedback to client regarding the processing of instructions;
• Poor attitude of servicing staff;

4)  Basic Principles of the Complaints Resolution System
AB$ is committed to maintain an internal complaint resolution system and procedures based on the following:

(a) maintenance of a comprehensive complaints policy that outlines the FSP’s commitment to, and system and procedures for internal resolution of complaints;
(b) transparency and visibility, ensuring that clients have full knowledge of the procedures for resolution of their complaints;
(c) accessibility of facilities, ensuring the existence of easy access to such procedures at the office provider open to clients, or through ancillary postal, fax, telephone or electronic helpdesk support; and
(d) fairness, ensuring that a resolution of a complaint can during and by means of the resolution process be effected which is fair to both clients and the FSP and its staff.

5)  How to Lodge a Serious Complaint
Any client who feels that he/she has been prejudiced in any way by the FSP or its staff and who wishes to lodge a complaint against the FSP must do so in writing as well as provide full details accompanied by supporting documentation.

6)  How to Lodge a Routine Complaint
Any client who feels that he/she has been treated inappropriately or unfairly may do so in writing if they wish; or by contacting the FSP by phone; or by calling at the office of the FSP in person and speaking to the Routine Complaints Officer who will record the complaint and ensure that it is resolved to the satisfaction of the client.

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