Relevant POPI & FAIS Act Extracts | CPD
The Protection of Personal Information Act (POPI) is a South African law that protects the privacy of individuals. The Financial Advisory and Intermediary Services Act (FAIS Act) is a South African law that regulates the financial services industry. Both of these laws have provisions that relate to data privacy.
POPI Act:
Section 55 of the POPI Act requires organisations to provide individuals with information about how their personal data will be collected, used, and shared.
Section 57 of the POPI Act gives individuals the right to access their personal data and to request that it be corrected or deleted.
Section 58 of the POPI Act prohibits organisations from collecting or using personal data without consent.
How the FAIS Act Protects Your Data:
Financial institutions must implement appropriate safeguards to protect your personal data from unauthorised access or use.
Financial institutions cannot collect or use your personal data without your consent. They must clearly explain how they will use your data and obtain your explicit agreement.
You have the right to access your personal data held by financial institutions and request that it be corrected if it is inaccurate or outdated.
Financial institutions must notify the Financial Services Conduct Authority (FSCA) if there is a data breach that affects your personal information.
Tips for Protecting Your Data:
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By understanding data privacy principles, being aware of your rights under the FAIS Act, and following these practical tips, you can take control of your personal information and safeguard your privacy in the digital world.
Completing this In-Lesson Task does not contribute to the assessment grading and serves as preparation for the final assessment.