Secondary

Reports

Conduct of Business Reports

The FSB intends replacing the current FSB compliance reports with Conduct of Business Reports (COBR) and has called for industry input on the proposed document.

The content and format of the proposed COBR differs significantly from the previous reports as a result of the changing regulatory landscape and the focus on outcomes based regulation and proactive supervision.

The current compliance report follows a tick box approach that only tests a provider’s past compliance with statutory requirements. This is not conducive to proactive supervision. It further facilitates the submission of generic templates of policies and procedures that are not customised to the business of the provider.

The proposed COBR focuses on the provider’s strategy, business model, nature and extent of its activities and its culture in delivering compliance with regulatory expectations. The information obtained through the COBR will enable the Registrar to better understand the risks, or potential risks, posed by a provider or its activities in achieving fair outcomes for customers and compliance with regulatory obligations.

All relevant documentation is published on the FSB website.

The closing date for submissions is 28 FEBRUARY 2017

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