This check establishes whether or not the candidate has been authorised by the Financial Services Board to advise consumers on Financial or Insurance services as per the Financial Advisory and Intermediary Services Act 2002 (Act no. 37 of 2002)
In 2008 legislation changed the standard an adviser would have to achieve in order to be considered "fit and proper”.
The standard consisted of five elements, namely:
The three critical elements contained in the competency category, are:
Representatives are allowed six years from their DoFA to work under supervision whilst attaining the necessary knowledge, skills and experience. They are also obliged to write the regulatory exams within specific time frames, again determined by their DoFA.
Basic FIAS checks are available in the following African countries: