FAIS MANAGEMENT

FAIS Management

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  • Organisations that employ FAIS representatives are required to maintain a FAIS representative register and to send changes on the status of representatives to the Financial Services Board (FSB) on a regular basis. The Signify HR FAIS Management module will assist you in the maintenance of the FAIS register, as well as determining if certain fit and proper requirements are met.

    • Link employees to multiple FAIS Licenses (FSPs). For each FSP, define:
      • FAIS License and Role. Define role of the employee on each license by selecting:
        • Start Date on the specific license. This is date is used when submitting the register to the FSB.
        • FAIS Representative. Select the applicable financial categories and indicate Advisory / Intermediary status as well as Fit and Proper status for each financial category.
        • FAIS Supervisor. Select the applicable financial categories that the employee may be a supervisor for.
        • FAIS Key Individual. Select the applicable financial categories. Select the applicable financial categories that the employee may be a key individual for.
        • Link each FAIS rep to a Key Individual and Supervisor (if applicable) per product.
      • FAIS Status (such as Active, De-barred, etc.) and provide reason for such status.
      • FAIS Experience. Log FAIS experience per financial category.
        • Define the number of years and months experience before joining the organisation.
        • Define the date from which the employee has started to gain experience on each product category
      • Integration to 3rd party systems is possible. Examples:
        • If your organisation has a sales system that requires an employee to be on the FAIS register for certain products, the synchronisation process can be used to verify such compliance.
    • System can be configured to create snapshots of the complete FAIS register (per FSP) on a regular interval (example weekly). When submissions are made to the FSB, two snapshots are compared with each other to determine the differences between these snapshots. The output of this comparison is the legislative (1A, 2U, 3D) report that is sent to the FSB.
    • An advanced report allows you to analyse compliance in terms of Level 1 and Level 2 exams as well as compliance against required qualifications.