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Compliance Risk Based Supervision Framework:
This is the main and core function of the practice as provided for in terms of section 17 of the Financial Advisory and Intermediary Services Act 37 of 2002 (FAIS ACT). The practice provide professional risk base supervision in as far as the following:
Risk Identification; Risk Assessment; Risk Management; Risk Monitoring.
Professional support with regard to other regulatory requirements that the FSP has to abide with.
Put in place system and processes to have record of advice stored and maintained efficiently
Compliance Risk Based Supervision
Compliance Risk Assessment and Monitoring on sites visits Conducting compliance risk assessment and monitoring visits at the FSP business premises minimum for (4) times annuallyCompliance Reports Compile compliance reports for FSP and its management on a quarterly basis; Compile annual compliance reports to be submitted to the office of the Registrar (FSB)
Risk Management Plans Assist in the development of risk management plans; Assess, assist to monitor and ensure that the tools for the risk management plan are implemented.
Advisory and Legislative Support Assist FSP with legislative and rules and regulations that apply to their functions. Give advice on the interpretation of following legislation
FICA , FAIS Act, Income Tax Act (Act No 58 of 1962) (as amended). Labour Relations Act and the Basic Conditions of Employment Act, General Code of Conduct and other subordinate legislation. General support to top Management. Education and training interventions of Financial services providersConduct ongoing training and workshops for the key individuals and the representatives of the FSPs. Give advisory support on best business practice and strategic plans. Liaise with the Registrar and Other Stake Holders
The practice serves to assist clients and FSPs to liaise with the Registrar (FSB) and other stake holders, eg. FAIS,FIC, CIPC, Department of Labour and Insurance Ombudsmen.
Conflict of Interest Management Policy Assist in the development of the Conflict of Interest Management Policy and to ensure that FSPs minimizes and avoid Conflict of Interest
Additional Services Assist with license applications: Assist the entities to apply for approval as authorized financial services providers with the FSB. Submit the application to the FSB and monitor the application progress; Assist with profile changes at the FSB; Give advice on best business practices
Compliance Fees Determination
The entity must be authorized to market Category 1Compliance Fees Structure is determined by: The type of business e.g. CC, PTY or sole proprietorship and partnership or trust its size and risk exposure; Number of key Individuals and representatives; Number of branches
Business Partners Any approved FSPs; Insurance Companies; Administrators; Other compliance officers and Practices
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