FAIS

The Financial Advisory and Intermediary Services Act, also known as FAIS, aims to regulate financial service providers (FSPs) by protecting customers against improper conduct by such FSPs. The Act makes provision for FSPs to be licensed and authorised through the Financial Services Board (FSB).

WesBank is an Authorised Financial Services Provider (FSP 19233 ). We are licensed to sell the following categories of products.

  • Short-Term Insurance - Personal Lines
  • Short-Term Insurance - Commercial Lines
  • Long-Term Insurance - Category B1

The FSB regulates members of the industry in the way they provide advice, as well as related intermediary services such as processing your insurance claims, in terms of certain financial products as defined by the Act. The products covered under FAIS include investments, insurance and deposits. Loans and credit agreements are not covered by this Act.

View our FAIS License

Fit and Proper Requirements

All our Representatives meet the Fit and Proper requirements and are qualified to provide you with professional advice on the offered insurance products.

Complaints

If you are not satisfied with advice given or service rendered in relation to a insurance particular product, please refer your compliant to the Bank and we will attempt to resolve the issue internally. If however you remain unsatisfied, after all internal processes have been exhausted, the FAIS Ombudsman has been created by the FSB to handle all FAIS related complaints.

View our Complaints Resolution Procedure

Conflict of Interest

Any situation, in which a Financial Services Provider or a Representative has a financial interest that may persuade him or her not to act in the best interests of a customer, will be deemed a conflict of interest. Potential conflicts must be avoided or declared to the customer.


FICA

South Africa has implemented a law that is designed to combat money laundering, which is the abuse of financial systems in order to hide and/or disguise the proceeds of crime. This law is known as the Financial Intelligence Centres Act 28 of 2001, also referred to as FICA.

In terms of FICA, all accountable institutions, (such as banks) have specific duties to help prevent money laundering. One of these duties is to perform a 'Know-Your-Customer' (KYC) check on all customers by certain deadline dates. As a result of the said KYC requirements you will be ask to provide the Bank with documentation that will assist us in verifying your identity (i.e. your barcoded identity document) and your residential address (i.e. your latest rates and taxes account), every time you open a new account with the Bank.


PAIA

The Promotion of Access to Information Act, 2 of 2000 (PAIA), gives third parties the right to approach private bodies and the Government and request information held by them, which is needed in the exercise or protection of any rights.

On request, the private body or Government is obliged to release such information unless the Access to Information Act expressly states that the record/s containing such information may or must not be released.

View the Information Manual for WesBank
View the Table of Legislation

NCA

The National Credit Act (NCA) of 2005 regulates the credit lending industry and all credit related practices. The Act aims to create a balancing act by opening up the credit market to more South Africans on the one hand, and by preventing reckless lending and over indebtedness on the other hand.
View the comprehensive FAQ guide about the Act
View the NCR guide for consumers

NCR Over-Indebtedness Campaign

Consumers are advised to seek help during these tough economical times instead of applying for more credit in order to pay off their debts. As part of their mandate to educate and protect consumers, the NCR have devised a 'Self-Help' document for consumers to help them cope with debt stress.

NCA Language Policy

View the WesBank NCA Language Policy

First Auto (Pty) Ltd Language Policy

First Auto (Pty) Limited Use of Official Languages Policy as required by Section 63 of the National Credit Act Number 34 of 2005. Registration Number NCRCP2011.

  1. The National Credit Regulator approved the language proposal of First Auto (Pty) Limited on July 19, 2010, effectively granting permission to operate in English only. This is based on our assertion that all our clients can understand, read and write in English.
  2. However, First Auto (Pty) Limited in conjunction with WesBank, a division of FirstRand Bank Limited, has a head office in Gauteng and an additional five branches countrywide. These call centre regions are complimented with several staff fluent in isiZulu, isiXhosa, Sesotho, Setswana, SiSwati, Tshivenda, Xitsonga, and Shona. These call centre and branch staff will therefore be able to assist any customer in these languages if such a request is received.

Code of Banking Practice

The Code of Banking Practice ("The Code") is a non-legislative code. All banks that are members of the Banking Association of South Africa have agreed to adhere to the Code on a voluntary basis. It sets out minimum standards that the bank must adhere to in the relationship with a customer.

The Code provides valuable safeguards to bank clients and it provides for the existence of the Ombudsman for Banking Services. We accept the jurisdiction of the Ombudsman to mediate, to make binding determinations based on this Code and on the law where appropriate, and to make recommendations in other circumstances.

The Code will be a guide for you when you transact with your bank and it will help you better understand your rights and responsibilities as well as your bank's responsibilities in serving you. We are committed to meeting the standards set out in this Code. Our relationship with you will be guided by four key principles, namely fairness, transparency, accountability and reliability.

The new amended Code applies from 1 January 2012.

View the full code

Safety Health and Environment

One of the key drivers in leading competitive companies is corporate governance on Safety Health and Environment management. Continuous improvement is needed to meet world-class standards.
As such, the creation and implementation of a healthy, safe workplace is an important priority for WesBank.
View the WesBank Safety Health & Environment policy

Patriot Act

View the USA Patriot Act Certificate on the FirstRand website