FAIS Act

FAIS governs the giving of financial advice and the rendering of intermediary services — which is what brokers, advisers and comparison platforms do when they help you arrange cover. Its purpose is consumer protection: anyone performing those services must be a licensed Financial Services Provider (FSP) or work under one, and must meet fit-and-proper standards for honesty, competence and financial soundness.

For you, the FSP number is an accountability marker. It means the provider is licensed by the FSCA, subject to a code of conduct, and answerable to the regulator and the ombud if something goes wrong. Dealing with an unlicensed operator strips away that recourse.

You can verify any provider on the FSCA's public register by name or FSP number to confirm the licence is current and covers the products being sold. It is a two-minute check worth doing before sharing your details with an unfamiliar brand.