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Media release: Far from protecting consumers, the Financial Advisory and Intermediary Services (FAIS) Act and Twin Peaks cost billions and add nothing

 26 Mar 18
FAIS, effective in 2004, was supposed to be a significant advance in protecting unsuspecting consumers from ‘rogues’ in the Financial Services sector who were ‘mis‐selling’ unsuitable insurance policies and causing a high lapse rate (when a policy is…

Illegitimate FSB directive revoked

 13 Nov 17
Until very recently, financial intermediaries and advisers (financial-service providers, FSPs) wishing to reappoint representatives who had been debarred from the industry,…

Warning: FAIS killed off swathes of financial advice industry, failed investors – now brace for FAIS II

02 May 17   Gary Moore
The costs of the Financial Advisory and Intermediary Services Act (FAIS) have been shown to be no less than eight times what Parliament was led to believe they would be.…