South Africa

The Financial Advisory and Intermediary Services Act (Act No. 37 of 2002), known across the board as the FAIS Act, is the primary market conduct legislation in South Africa for individuals and entities rendering financial advisory and intermediary services to consumers. The Act, administered and enforced by the Financial Sector Conduct Authority (FSCA), protects consumers by requiring businesses to be registered as Financial Service Providers (FSPs) and requiring their advisers to meet stringent "Fit and Proper" criteria of honesty, competence, and operations. While the primary Act was effective from 15 November 2002 and came into full operation in 2004, its regulations are always being upgraded using specific notices, and the most recent ones in administrative and operational aspects were effective on 1 July 2026 and 31 July 2026, respectively, through FAIS Notices 40, 43, and 54 of 2026.