Most people dream of a financially secure future. But not everyone who has the income and qualifications to realise that dream is willing to give what it takes: careful planning and a lot of determination.
Start now! Whether you are 20 or 50, you have the ideal within your grasp. Discipline yourself. Once you have found the right risk cover and investment to suit your current needs, maintain it. And as your savings grow and circumstances improve, study new investment options. Get advice! A retirement annuity? An endowment policy? Unit trusts? There are many options to choose from. Build a secure financial future today!
Financial service intermediaries and advisers
Although some companies sell insurance and investment products direct to the public, most make use of the
services of professional intermediaries. Some intermediaries are associated with a particular company while others are independent, marketing the products of a variety of companies.
Intermediaries
form the link between the companies
(insurers, JSE, banks etc) and the consumer (you). Most financial services products
are marketed and sold
through intermediaries
. Intermediaries include financial advisers, insurance brokers, bank officials
and stockbrokers
.
Codes of conduct for intermediaries have been prescribed by the Financial Advisory and Intermediary Services Act, 2002 (FAIS)
to ensure professional service. The main focus of the Act is to provide a great measure of consumer protection.
The Act states that intermediaries must analyse
your individual needs, provide the information
you need to make an informed decision, recommend appropriate products
and discuss the costs and financial implications
- in other words, provide you with professional advice and service
.
It is an intermediary's responsibility
to ensure that:
- Your best interests are served and protected;
- You understand the financial implications of your policy or transaction, including the benefits you can expect and repercussions of cancellation or surrender (where applicable);
- You have provided all the information required; and
- All documentation reaches you within 30 days of issue (where applicable).
Take responsibility
for your insurance and investment portfolios, even if you make use of a financial consultant. And deal only with reputable
intermediaries! The Act also provides for an Ombuds Office to handle clients' complaints against improper actions of intermediaries.