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The introduction of the FAIS Act brought a number of additional layers of cost which providers of financial services had to absorb. The majority of the tentacles of this octopus have compliance written all over it. It therefore makes good business sense for providers to review their compliance commitments on a regular basis.
Despite the well documented fact that the insurance industry is under severe pressure during current economic conditions, the sector is experiencing admirable growth and will continue to do so as the public becomes more educated on products within the financial services industry.
Background Up to the end of the previous century, regulation of financial services was by and large left in the hands of the industry itself. The advent of consumerism and money laundering, amongst others, and despite being strange bedfellows, led to more and more concerns about how matters were run in the industry, and led to the publication of the FAIS Act in 2002.
Sound financial advice is the cornerstone of growing our economy. Financial advisers who provide proper, relevant advice are able to build fulfilling careers, while helping their clients do great things with their money. This is especially important within the Mass Market segment of the population, who have been largely deprived of appropriate advice to help them build wealth and provide financial protection for their families and assets.
If you had to choose one approach to protect your hard-earned investment cash from today’s market madness, which would it be?