How you comply

Using the Brokertools application ensures that advice and information supplied by a FSP or Representative complies with the FAIS Act.

Compliance with the Act is sometimes problematic for Healthcare Intermediaries since many argue that the commission payable on medical schemes makes it cost and time ineffective to comply with the onerous documentary and disclosure requirements.

A careful analysis of the Act reveals that there is a total of 35 specific requirements to comply with relating to documents to be provides and disclosures to be made when giving advice or providing quotations.

When using Brokertools you will effortlessly comply with all of these requirements:

*Requirements in terms of the General Code of Conduct for Authorised Financial Services Providers and Representatives, 2003
Information given must be factually correct.done
Information provided must be in plain language and must not be misleading.done
Information given must be adequate and appropriate in the circumstances of the particular financial service.done
Information must be in writing and in a clear and readable print size, spacing and format.done
Information as regards all amounts, sums, values, charges, fees, and remuneration must be reflected in specific monetary terms.done
Disclosure by provider of the existence of any personal interest in the relevant service and conflicts of interest.done
The service must be rendered in accordance with the contractual relationship and reasonable requests or instructions of the client.done
Procedures and systems to record written communications safely store and retrieve all material documentation.done
All such records must be kept for a period of five years after the rendering of the financial service concerned.done
Records must be available for inspection within seven days of the registrar's request.done
Information must be given regarding the contractual relationship with the product supplier and other product suppliers.done
Existence of any conditions or restrictions imposed by the product supplier on the service provider.done
Whether the provider directly or indirectly holds more than 10% of the relevant product supplier shares.done
Whether, during the preceding 12-month period, the provider received more than 30% of total remuneration from any product supplier.done
Exercise objective judgment in the interest of the client where a choice of more than one product of different product suppliers is provided.done
Compare different financial products making clear the differing characteristics of each.done
Not make inaccurate, unfair or unsubstantiated criticisms of any financial product, product supplier, provider or representative.done
Provider information to be furnished to a client must include: full business and trade names, registration number, postal and physical address, telephone, cellular numbers, internet and e-mail addresses, and contact details of appropriate contact persons.done
Details of the legal and contractual status of the provider, details of which entity accepts responsibility for the actions of the provider and the extent to which the client will have to accept such responsibility.done
Names and contact details of the relevant compliance department (internal and external) and request that any client who has a complaint against the provider must lodge such complaint in writing.done
Details of the financial services which the provider is authorised to provide in terms of the relevant license.done
Disclose whether the provider holds guarantees or professional indemnity or fidelity insurance cover or not, amount thereof and insurer.done
Disclose whether the services are rendered under supervision.done
Provide a reasonable general explanation of the nature and material terms of the relevant contract.done
Provide full and appropriate information of the name, class and type of product, extent of benefits and the manner in which such benefits are derived or calculated.done
Disclose the nature and extent of the monetary obligations assumed by the client including manner of payment and frequency thereof.done
Disclose the extent and frequency of any incentive, remuneration, consideration, commission, fee or brokerages, which will become payable to the provider.done
Provide details of any special terms or conditions, exclusions, waiting periods, loadings, penalties, excesses, restrictions or circumstances in which benefits will not be provided.done
Provide information on any guaranteed minimum benefits.done
Inform the client whether cooling off rights are offered and, if so, procedures for the exercise of such rights.done
Inform a client in regard to the completion or submission of any transaction requirement that all material facts must be accurately and properly disclosed, and that the accuracy and completeness of all answers, statements or other information provided by or on behalf of the client, are the client’s own responsibility.done
Inform the client of the possible consequences of the misrepresentation or non-disclosure of a material fact or the inclusion of incorrect information; and that the client must on request be supplied with a copy or written or printed record of any transaction requirement within a reasonable time.done
Fully disclose to the client the actual and potential financial implications, costs and consequences of such a replacement where the financial product ("the replacement product") is to replace an existing financial product wholly or partially ("the terminated product") held by the client.done
Maintain a record of advice furnished to a client with brief summary of information and material on which the advice was based, financial products considered, products recommended and reason for the advice given.done
Provide client with copy of the above record in writing.done

How we comply

  • Multi-layered compliance and protection policy integrated with vendor, user and industry requirements.
  • Peer reviewed compliance framework.
  • Adoption of best practice - local and international compliance standards.

  • Industry and macro environmental compliance requirements:
    • FAIS
    • POPI
    • SaaS
    • Safe Harbour
    • ISO 27001
    • CSA (Cloud Security Alliance)

  • Within the Intermed Marketing Internal vendor environment system architecture policies relating to storing, processing and transmitting ePI are in place:
    • Analysis and risk management
    • Approved tools used within the system
    • Data management
    • System access
    • Configuration management
    • Intrusion detection - penetration tests by independent third party suppliers
    • Vulnerability scanning
    • Data integrity
    • Data retention
    • Third-party provider policy

  • Systems and company management policies relating to IT Compliance:
    • Maintenance of policies
    • Adherence schedule
    • Facility access
    • Breach
    • Disaster recovery
    • Disposable media
    • Employees