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This Act (37 of 2002) tries to protect the public from financial advisors and those who sell financial/investment products. It substantially increases the accountability and disclosure of financial advisors and protects the public against bad advice and unfair practices. Financial advisors are required to obtain a license to practice and to register with the Financial Services Board - which means that they have to be "fit and proper" and have minimum qualifications. People with criminal records are precluded.