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Due to the size and scope of Old Mutual South Africa’s (Old Mutual SA) business there are a multitude of laws relating to business practice, financial services and human resources management with which we are expected to comply.
The legislation listed here centers around issues of compliance, financial advice, money-laundering and transparency.
Please note: While we aim to keep the information on this page current, from time to time the South African Government amends certain Acts by way of annexure or additional regulations.
Please visit www.polity.org.za for the most current legislative releases.
The Financial Advisory and Intermediary Services Act (FAIS) was promulgated to protect investors from unethical and ill-informed advisors and financial services providers.
FAIS stipulates competency levels required for selling different types of financial products. Under FAIS it is also mandatory for an advisor to conduct a thorough financial needs analysis for their clients before giving advice. Accredited advisors are required to offer product comparisons and explain their associated pro’s and cons.
Various Old Mutual companies are subject to the accreditation and licensing requirements of FAIS.
Download: Financial Advisory & Intermediary Services Act (334 kb pdf)
The Financial Intelligence Centre Act (FICA) was promulgated in order to create a framework to combat money laundering activities and to establish South Africa as a serious global economic contender and attractive emerging market investment option. The main requirements of FICA are:
Download: Financial Intelligence Centre Act (78 kb pdf)
The Act strengthens the spirit of compliance and good governance by providing measures intended to prevent and combat corruption and corrupt activities. It also established a Registrar who will:
Download: Prevention & Combatting Corrupt Activities Act (2 Mb pdf)
The Promotion of Access to Information Act (PAIA) upholds the public's right to access information from public and private bodies as per the Constitution. It aims to promote and support the development of good corporate governance and transparency across business.
The Protection of Personal Information Act aims to regulate the processing of all personal information and to ensure that the personal information is properly protected against unauthorized use and access.
Download: Promotion of Access to Information Act (PROATIA) and Protection of Personal Information Act (PPI) Manual Promotion of Access to Information Act Protection of Personal Information Act A Users Guide to the PAIA