The dilemma facing financial services practices who are not obliged to appoint a compliance officer were highlighted recently by a rather frantic call from a one-person FSP after being informed by the FSB of a proposed on-site visit.
The increasing demand on such FSPs to comply with regulatory demands, including keeping up to date with constant changes, has become an administrative nightmare.
They only have two choices: hope and pray that they are on the right track, or make sure that they are. The challenge, when opting for the latter, is finding a reliable and affordable option.
The Moonstone Protector Service was designed six years ago, and addresses exactly these challenges on a very personal basis. It was enhanced over time and currently provides a FAIS and FICA compliance package in a web-based format which is accessible 24/7, while also offering telephonic support in business hours where required.
Some of the features include:
- Periodic self-assessments that can be completed at your own pace to determine the level of compliance in your practice
- Supporting tools and generic templates which you can personalise for your own practice
- Timely reminders of legal due dates
- Acess to Moonstone’s comprehensive legal and compliance intellectual capital
- Assistance with the completion of your annual compliance report
The system is designed to prevent non-compliance, rather than to detect it, after the event.
The web based Moonstone Protector Service is a systematic and easy-to-use process to manage the essential task of monitoring regulatory compliance within your business.
Interested? Please click here.
Alternatively, you can speak to Craig Barends on 021 883 8000.