Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002)

Codes of Conduct

Notice on Codes of Conduct for Administrative and Discretionary FSP's, 2003

Chapter I : Code of Conduct for Administrative FSP’s, 2003

Part II : Operational requirements

7. Record-keeping
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7.1An administrative FSP must maintain records recording the financial products owned by each client clearly maintaining the linkage between the client and each financial product.

 

7.2If a client is a pension fund as defined in the Pension Funds Act, 1956 (Act No. 24 of 1956), or other financial institution whose members, policyholders or participants have the right to select the financial products allocated to their accounts, the linkage must also be maintained between those members, policyholders or participants and the financial products selected by them if the administrative FSP has undertaken to provide such record-keeping service to the client, but the aforegoing is not to be construed so as to mean that ownership of such a financial product vests in such a member, policyholder or participant, as ownership remains with the said pension fund or other financial institution.