COMPLIANCE ADVICE
 

It has become clear that there is a pressing need to provide our members with a compliance advisory service.
 Many of our members have opted to apply for authorization as internal compliance officer and many
are exempted from having to appoint a compliance officer. These two groups now need to understand
what the applicable legislation prescribes and how to implement and monitor the provisions in practice.

The focus will then be limited to precisely that – an advisory service, as opposed to a full service
as would be expected when a compliance officer also visits the member on a regular basis. 

We envisage offering the following advisory services: 

1.      General overview of what compliance in terms of the FAIS Act is all about.

2.      Information on, and examples of –

a.      Operations manual

b.      Compliance manual

c.      Disclosure documents

d.      Registers

e.      Complaints resolution procedures

f.       FICA internal rules

g.      Data gathering forms

h.      Client advice records

i.         Documents register

j.        Compiling compliance reports.

3.      Internet service –

a.      Frequently asked questions

b.      Forms and templates

c.      Updates on developments in the compliance functions.

4.      E-mail service – questions answered within 24 hours.

5.      Possible expansion to include training of FSP staff.

6.      Complaints handling guidance.

7.      News from the Office of the FAIS Ombud.   

The FIA will also subscribe to other compliance services in order to provide our members with the latest, objective information for them to run their practices in the most compliant manner.