Code of Conduct
 

Preamble

FIA is an association of financial services intermediaries striving for the highest level of professional service and conduct by its members and in doing so binds its members to the FIA professional Code of Conduct and Good Practice as a condition of membership.
FIA promotes good corporate governance including Black Economic Empowerment and the Financial Sector Charter.
FIA promotes professionalism and holds that professional conduct is derived from and is sustained by competence and ethical behaviour.

The Objective Of This Code Is To :

To protect, promote and advance the image, standing and common interest of professional financial or investment advisors and financial services intermediaries in South Africa and to improve the standard of insurance, financial advice and investment broking generally in the industry by enforcing the Code of Conduct of the Financial Intermediaries Association of South Africa.

Members Of The FIA Undertake That :

• They will at all times, and in relation to all other parties, conduct their business activities in utmost faith, honesty, transparency and with integrity.

• They will put the interests of their clients before any other consideration, including their own remuneration.

• They will ensure that any information acquired by a member from a client will not be used or disclosed except in the course of negotiating, maintaining, renewing or servicing the client's financial needs unless the consent of the client has been obtained.

• Where business entails the assessment of acceptance of any risk by an underwriter; to obtain all material information from the client and to communicate same to the underwriter.

• They will comply with all Legislation, Acts and Regulations relating to the financial services industry. In particular, they will offer advice and services only in categories for which they are licensed in terms of the Financial Advisory and Intermediary Services Act, 2002.

• They will not act in a manner which may harm the image of the FIA of South Africa or its members or prejudice the image of the FIA or its members in any way and will not, without prior authorisation, express FIA's views in public. They will ensure that their employees fully understand the member's obligations under this code, and any other guidelines that may be issued.

FIA Undertake To :

Improve and promote the image and standing of the Financial Intermediaries Association of Southern Africa itself, as the representative body of its members;

protect, promote and advance the common interests of its members;

take concerted measures a may be deemed appropriate whenever the business of the members of the Association may be effected by the action or proposed action of the Government or any other authority;

insist on high standards of professional conduct by all its members, to protect the integrity and status of financial services intermediaries and to take such steps as are necessary, including disciplinary action against defaulting members including the termination of membership;

promote agreement and cooperation between members on matters of mutual interest and to provide the mechanism for the examination and reconciliation of any differences;

consider and make representations in regard to existing and future legislation relative to the financial services intermediaries;

launch advertising campaigns to inform the general public of the benefits of dealing with financial services intermediaries;

apply for membership of other national or international bodies or organisations having similar objectives;

provide members with written or other material which can assist them in their profession;

facilitate ongoing training for members to improve themselves in their particular field of operation;

establish organisations, trusts and funds for the benefit of members, employees and their dependents;

promote in general, all activities and take all steps deemed necessary, that are regarded to be beneficial and in the best interest of the members and the public at large; and

support any actions which can promote all or any of the aforementioned objectives.