Critically analyse the Financial Advisory and Intermediary Services Act $($FAIS$)37$ of $2002.$ Include the following aspects in your analysis:

$$ Introduction of FAIS.

$$ Purpose and importance of FAIS.

$$ Benefits and shortcomings of FAIS.

$$ Non$-$compliance penalties$/$enforcement mechanisms.

$$ Recommendations for improvement of the legislation and$/$or implementation of the legislation.