Is a Record of Advice a legal requirement in South Africa?

Yes. Under the FAIS General Code of Conduct, a financial services provider must maintain a record of the advice furnished to a client that reflects the basis on which the advice was given, including the information relied on and the products recommended.

What is the difference between a Record of Advice and a needs analysis?

A needs analysis captures the client’s circumstances, objectives and risk profile. The Record of Advice documents the advice itself — what was recommended and why it meets the needs the analysis identified. In practice they are completed together.

How long must a Record of Advice be kept?

FAIS record-keeping obligations generally require advice records to be retained for at least five years. Keeping them in a searchable system rather than loose documents makes retrieval and audits far easier.

Can I generate a Record of Advice automatically from a policy document?

Yes. Broker AI reads the policy wording and schedule you upload, extracts the cover, sums insured and material terms, and drafts a FAIS-aligned Record of Advice you can review and finalise — in minutes rather than an afternoon.

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Record of Advice template for South African insurance brokers

A Record of Advice (ROA) is the FAIS-required record of the advice you gave a client and why it suits their needs. Below is what a compliant ROA must contain, a free short-term personal-lines template, and how Broker AI drafts one from a policy document in minutes.

Reviewed 7 September 2026 · Broker AI team

Download

Download the Record of Advice template (.docx)
Sections A–G: client and adviser details, needs, information relied on, products considered and the recommendation, disclosures, the section 9(1)(d) replacement comparison, declarations. Each heading names the Code provision it discharges (BN 80 of 2003 as amended to June 2020).

What a FAIS Record of Advice must contain

Under the General Code of Conduct for Authorised Financial Services Providers, the record must reflect the basis on which the advice was given. At minimum that means:

01A brief summary of the information and material on which the advice was based.
02The financial products that were considered.
03The financial product or products recommended, with an explanation of why the product selected is likely to satisfy the client’s identified needs and objectives.

Free Record of Advice template (short-term personal lines)

Use these five sections as the skeleton of a compliant ROA. Each maps to a FAIS requirement above. The Word download at the top of this page has the same five sections as fillable tables, plus the replacement comparison section 9(1)(d) requires and the declarations.

Client & adviser details

Client name and contact details, the FSP and representative name, FSP licence number, and the date of advice.

Needs & objectives identified

The cover the client needs — e.g. buildings, household contents, motor, all-risk — and the sums insured discussed, based on the information the client provided.

Information the advice was based on

A summary of the client’s circumstances, risk profile, affordability and any material information used to form the recommendation.

Recommendation & motivation

The product(s) recommended, the insurer and premium, and a clear explanation of why the recommendation meets the client’s identified needs and objectives.

Disclosures & client confirmation

Average/underinsurance warnings, excess structure, replacement implications, and confirmation that values were agreed with the client.

Generate a Record of Advice in minutes

Filling this in by hand for every client is where the hours go. Broker AI reads the policy wording and schedule you upload, extracts the cover and sums insured, and drafts a client-ready, FAIS-aligned Record of Advice you review and finalise. POPIA-aware and purpose-built for South African brokers.

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Frequently asked questions

Is a Record of Advice a legal requirement in South Africa?: Yes. Under the FAIS General Code of Conduct, a financial services provider must maintain a record of the advice furnished to a client that reflects the basis on which the advice was given, including the information relied on and the products recommended.
What is the difference between a Record of Advice and a needs analysis?: A needs analysis captures the client’s circumstances, objectives and risk profile. The Record of Advice documents the advice itself — what was recommended and why it meets the needs the analysis identified. In practice they are completed together.
How long must a Record of Advice be kept?: FAIS record-keeping obligations generally require advice records to be retained for at least five years. Keeping them in a searchable system rather than loose documents makes retrieval and audits far easier.
Can I generate a Record of Advice automatically from a policy document?: Yes. Broker AI reads the policy wording and schedule you upload, extracts the cover, sums insured and material terms, and drafts a FAIS-aligned Record of Advice you can review and finalise — in minutes rather than an afternoon.

This page is general information about FAIS record-keeping, not legal or compliance advice.