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moonstone-compliance-considerations

Compliance Considerations

Are you, as an experienced financial services provider, equally well equipped to manage the challenges confronting your business?

The constant raft of regulatory changes necessitates a professional research and development function in even the smallest of practices to ensure that they keep abreast of new developments, and the practical implementation thereof. For most businesses this is simply not practical and the function is generally delegated or outsourced to their compliance officer.

Options and Considerations

Whilst appointing an in-house compliance officer is currently an option, many often experience conflicts of interest between their legal obligations and employer loyalty. An alternative solution is to outsource the function to an external compliance officer / practice. Both of these options contain its own pros and cons and it is important to note that, whilst your compliance adviser can guide you, accountability remains with you as the business owner.

Some other considerations around this important decision include:

  • The employment of a dedicated compliance solution is often seen as a grudge purchase and practices are quite happy to base their decision on price without considering the inherent dangers, or what they get for their money.
  • If company A charges slightly less for its services per month, but conducts visits on a quarterly basis, while company B visits you on a monthly basis for a slightly higher fee, which is the better value for money option?
  • Are you stuck in a one-size-fits-all situation, or can you personalise the service to suit your needs, rather than that of the provider? In the example above, you could well arrange with company B to conduct visits on a bi-monthly or quarterly basis, thereby actually saving substantially on the cost of compliance.
  • A further consideration should be the research and development capabilities of the compliance services provider, and its ability to employ modern technology to make compliance easier.

Moonstone’s Comprehensive Compliance Service

Since its inception in 2004, Moonstone Compliance (Pty) Ltd has grown to become the largest non-aligned provider of compliance services to independent financial advisory practices and has the highest number of approved compliance officers in the country. Our clients function in long- and short-term insurance, healthcare, underwriting and asset management, derivative issuers, banks, call centre operations, motor dealerships, independent financial services providers, amongst others, across South Africa.

Our services are tailor-made for each individual client, based on an initial risk assessment, followed by a structured implementation process to ensure that everything required is in place.

Compliance Consultation Services

We also provide bespoke or once-off consultation services for specific needs. We have previously been approached by prominent product houses, as well as a leading law firm, to assist them with business practice assessments and legal opinions.

To find out what we can do for you, please complete our “no-obligation” Compliance enquiry form. Alternatively, please call Charné on 021 883 800 or send an email to support@moonstonecompliance.co.za.

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