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FAIS compliance checklist for insurance brokers

A practical, plain-language checklist of the FAIS obligations that touch every client file — the documents to keep, the disclosures to make, and the records to retain. Use it as a per-client sanity check before you file.

Reviewed · Broker AI team

Before you give advice

  1. 01Confirm you (or the representative) are authorised for the product category under the FSP’s licence.
  2. 02Provide the client the FSP’s disclosure: licence details, product-supplier relationships, and how you are remunerated.
  3. 03Establish the client’s needs, objectives, risk profile and financial position (the needs analysis).

When you recommend

  1. 01Record the advice — the products considered, the product recommended, and why it meets the client’s identified needs (the Record of Advice).
  2. 02Disclose material terms: excesses, exclusions, waiting periods, averaging / underinsurance and replacement implications.
  3. 03Where you replace an existing policy, record the comparison and the reasons the replacement is in the client’s interest.

After — records to retain

  1. 01Keep the needs analysis, Record of Advice and disclosures for at least five years.
  2. 02Store client personal information securely and lawfully (POPIA).
  3. 03Keep the file retrievable — an audit or complaint can require it at any time.

Turn the checklist into the actual documents

Broker AI generates the FAIS-aligned Record of Advice, needs analysis and comparison from the policy documents you upload, and keeps them in one searchable, POPIA-aware place — so the checklist above is done for you, per client, in minutes.

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Frequently asked questions

How long must FAIS records be kept?
Advice records — the needs analysis, Record of Advice and disclosures — should be retained for at least five years, and kept retrievable in case of an audit or complaint.
Is a needs analysis required for short-term insurance?
You must establish the client’s needs and circumstances before recommending a product and record the basis of the advice. A documented needs analysis is how you evidence that.
What has to be disclosed to the client?
The FSP’s licence and relationships, how you are remunerated, and the material terms of the product — excesses, exclusions, waiting periods and underinsurance / averaging implications.

This checklist is general information about FAIS, not legal or compliance advice.