Jun 29, 2020

Amendment of the General Code of Conduct - Short-term Deposit Business

Article by FIA

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Amendment of the General Code of Conduct for Authorised Financial Services Providers and Representatives and the Specific Code of Conduct for Authorised Financial Services Providers and Representatives Conducting Short-term Deposit Business 

The FSCA has published the amendments to the FAIS General Code of Conduct and Specific Code for Short-term Deposit Business. Click here for a copy of the Notice. In short, there are changes to the following existing sections, as well as the addition of new sections:

S1 - Definitions

S3 - Specific duties of provider

S3A - Financial interest and conflict of interest management policy

S4 - Information on product suppliers

S7 - Information about financial service

S7A - Forecasts, illustrations, hypothetical data or projected benefits and past performance data

S8 - Suitability

S9 - Record of advice

S14 - Advertising

S15 - Direct marketing

S16 - Complaints related definitions

S17 - Complaints management framework

S18 - Engagement with ombud and reporting

S19 - Reporting complaints information

FSPs will have to make system and process changes in order to comply with the new requirements. 

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