National Compliance - Compliance Services for Financial Services Providers

By: National Compliance  11-11-2011
Keywords: Financial Services, Risk Management, Service Providers

Currently two Acts’ of Parliament, FAIS and FICA, make it obligatory on all financial service providers to comply with legislation by, amongst other requirements, having an appropriate risk management system and procedures in place.

We undertake to perform a risk management due diligence of our client’s practice and thereafter implement a compliance monitoring system that will not only exceed the requirements of the legislation but will also help to maintain the profitability of the practice.

Some of our responsibilities include:

  • Developing, initiating, maintaining, and revising policies and procedures for the general operation of the compliance monitoring program and its related activities to prevent illegal, unethical,
    or improper conduct.
  • Monitor, and where necessary, coordinate compliance activities of departments to remain abreast of the status of all compliance activities and to identify trends.
  • Identify potential areas of compliance vulnerability and risk; develop and implement corrective action plans for resolution of problematic issues.

Included in this consulting service is:

  • Assistance on any client complaint by advising on complaint resolution (arbitration).
  • Temporarily acting as a Key Individual in the event of the demise of the sole proprietor/member/shareholder of the provider.
  • No annual contracts unless specifically requested.
  • Perform all of the duties and responsibilities of a Compliance Practitioner including the completion and submission of the Annual Compliance Report.
  • Maintain legal and technical knowledge relevant to the business of the provider.
  • Liaise on your behalf with the Financial Services Board when necessary.
  • Providing a website which contains valuable information, including downloadable documents such as the following:
    • all registers (Representatives Register, Complaints Register,
      Cancellation Register etc.)
    • templates of the latest Letters of Disclosure, Record of
      Advice, FNA’s etc
    • a comprehensive library containing all FAIS, FICA and associated
  • Develop, initiate, maintain and revise policies and procedures for the general operation of the Compliance Program including the Risk Management Plan (compulsory for FAIS) and its related activities to prevent illegal, unethical, or improper conduct.
  • Develop, periodically review and update the various Manuals and Plans, such as Complaints, to ensure continuing currency and relevance.
  • Respond to alleged violations of rules, regulations, policies and procedures by evaluating or recommending the initiation of investigative procedures.
  • Identify potential areas of compliance vulnerability and risk, including reputational risk and assist with the development and implementation of corrective action plans.
  • Provide reports on a regular basis to keep you informed of the operation and progress of the Compliance Program.
  • Ad hoc coaching andmentoring of intermediaries and their staff

Our current compliance clients include Property Syndication Companies, Short Term Underwriters, Life and Short Term brokerages, Investment Managers, Call Centre’s etc.

Keywords: Financial Service, Financial Service Providers, Financial Services, Financial Services Board, Risk Management, Service Providers

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Gerry Anderson, deputy registrar for financial services providers at the FSB, said at least 90% of the more than 1 000 financial services providers who were sent letters a month ago had not supplied the information required by the FSB in terms of their licensing conditions.