FAIS CoC
FAIS General Code of Conduct
Detailed conduct rules for FSPs and representatives under FAIS, covering record keeping, advertising standards, and the prohibition on misrepresentation or improper waiver of client rights.
Sections
3
Duties
3
Questions
4
Assessment from
R 55 000
What it covers
The General Code of Conduct for Authorised Financial Services Providers and Representatives (Government Notice R1165 of 2003, as amended) is the detailed conduct rulebook issued under the FAIS Act that operationalises many of the Act's high-level principles into specific, auditable requirements. While suitability and disclosure obligations (assessed separately under the FAIS Act itself) form the Code's core, this Determination also covers requirements distinct from those already assessed: specific record-keeping obligations (s3(2)) requiring FSPs to maintain records of all advice and transactions in a form that allows reconstruction of what occurred, for a minimum prescribed period; advertising and promotional material standards (s12-s13) prohibiting misleading or unsubstantiated claims and requiring fair and balanced representation of risks alongside benefits; and the prohibition on FSPs requiring clients to waive any right or sign an acknowledgement that they received advice they did not actually receive (s7) — a provision specifically targeting practices that attempt to contractually immunise an FSP against its actual conduct obligations.
Does this apply to you?
It applies if
- Your organisation is a licensed FSP under the FAIS Act and therefore directly subject to the General Code of Conduct in its entirety
- Your organisation produces advertising, marketing, or promotional material for any financial product or service
- Your organisation uses any form of client acknowledgement, disclaimer, or waiver in its advice or sales documentation
Thresholds that change what's required
- Applies in full to every licensed FSP regardless of size, though the specific manner of compliance (e.g. record-keeping system sophistication) may reasonably scale with the FSP's complexity
Exemptions
- No general exemptions from the Code apply to licensed FSPs; specific sub-codes exist for certain product categories (e.g. short-term insurance) with tailored provisions, but these supplement rather than replace the General Code's core requirements
What non-compliance costs
Maximum fine
R 10 000 000
Imprisonment
Contraventions of the Code are addressed through FAIS Act enforcement mechanisms, with penalties up to those prescribed for FAIS Act offences generally
Civil exposure
Misleading advertising or improperly obtained waivers significantly strengthen a client's position before the FAIS Ombud or in civil proceedings, since they directly evidence conduct contrary to the Code's express prohibitions
Reputational
FSCA findings of misleading advertising or improper waiver practices are reputationally damaging given their direct relevance to public trust in financial advice
What the assessment covers
The assessment works through 4 questions across 3 duties, scored out of 47. Each answer generates the specific actions needed to close or prove that duty — and a “yes” only counts once its evidence is in, which is what makes the score defensible rather than self-declared.
The questions themselves are part of the assessment.
Find out where you stand on FAIS CoC
Run the assessment, get your score, and get the exact list of what to fix — with the evidence trail an auditor will ask for.