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LCP, Attorney
Category: South Africa Law
Satisfied Customers: 21
Experience:  BCom (Stell) LLB LLM
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What is the purpose and impact of the Financial Advisory and

Resolved Question:

What is the purpose and impact of the Financial Advisory and Intermediary Services Act in relation to Real Estate transactions?
Submitted: 7 years ago.
Category: South Africa Law
Expert:  LCP replied 7 years ago.
Good day, The act aims at giving the customer much better protection than before. It regulates the quality of products by sellers of financial products, ie. bond originators etc. It ensures transparency and disclosure of all information and fees on the financial products sold to the customer. All sellers of financial products must be licensed accordingly. It further ensures proper record keeping and training and that all legal requirements be met. It also provides for an Ombudsman for compliance and complaint purposes. Thus by forcing the sellers of financial products to license, it regulates their standard of service to the customer. Does this answer your question?
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