The Financial Services Reform Act (FSRA) came into force on 11 March 2002 with a two year transition period during which the only mandatory provisions were:
• Confirmation of transaction provisions
• Anti-hawking provisions
• Cooling off provisions

The Act introduces a single licensing and consumer protection regime for financial sales, advice and dealing in financial products, as well as a consistent approach to financial product disclosure. Key aspects are:
• A uniform approach to the regulation of all financial products
• Uniform disclosure obligations when dealing with retail clients
• A single licensing framework for all financial service providers
• The imposition of competency, skills, integrity and compliance standards

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