Financial Intelligence Centre Act (FICA), 2001
This Act aims to combat money laundering. Money Laundering is defined as any act to hide or disguise the true source of the proceeds of crime, money and/or any benefit gained form unlawful activities which includes contravening the Exchange Control Act, or any other law or regulation.
At the FFG Group we must conduct our business in line with FICA or suffer severe penalties for non-compliance.
We must know and verify all our clients, as well as maintaining records of all dealings with clients. Our financial advisers are obligated under FICA to report any suspicious or unusual transaction to the Financial Intelligence Centre.
Financial Advisory and Intermediary Services Act (FAIS), 2002
This act aims to promote consumer protection and regulates the quality of financial advice as well as selling of financial products. For you as our valued client it means you are entitled to full transparency and disclose of information and fees any financial product sold to you.
The FFG Group and all its subsidiaries including The People Company are obligated to keep proper records of all transactions and client contacts. All our financial advisers are licensed with the Financial Services Board (FSB), the regulating body that ensures that all financial planners, advisers and brokers are properly trained to an acceptable industry standard.
All our advisors will be able to show you a copy of our license as well as their disclosure documentation. In terms of FAIS, you will be requested by your adviser to sign a mandate which will ensure that your instructions are carried out in accordance to agreed parameters and shared understanding.