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RISKAFRICA News: how the FAIS Act will affect brokers


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The latest issue of RISKAFRICA News, the digital newsletter of RISKAFRICA magazine, carries some bad news for brokers, who may be held liable for rejected claims.

The latest issue of RISKAFRICA News, the digital newsletter of RISKAFRICA magazine, carries some bad news for brokers, who may be held liable for rejected claims.

According to the Financial Advisory and Intermediary Services (FAIS) Act, brokers must ensure policies are well suited for their client, while the client must also fully understand the terms and conditions of the policy. If a policy is rejected, it means the broker has failed to ensure all the recommendations of the FAIS Act have been met.

In world news, China is expected to post its worst annual economic growth in 25 years, while oil recently slumped below $28 per barrel to a 2003 low as sanctions against Iran were lifted.

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