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Tag Archives | Compliance

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Save the date – 2020 Annual Compliance Webinar

The annual webinar, aimed specifically at Financial Services Providers NOT required to appoint a compliance officer, will be hosted on Thursday, 13 February 2020. The session will once again provide insight into frequently asked questions and the practicalities surrounding FAIS and FICA obligations. The registration for the webinar will open next week. Cost to attend […]

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FIC calls for comments – Two new draft PCCs published

1. Draft PCC 102 on Compliance Communication – access for certain supervisory bodies to suspicious and unusual transaction reports The Financial Intelligence Centre (FIC) is calling for comments from supervisory bodies, accountable and reporting institutions on the draft Public Compliance Communication 102 (draft PCC 102). The draft PCC 102 sets out the provisions of the FIC […]

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Robo-advice – Compliance still key

The ability to deliver a consistent level of service across all channels is an increasingly important competitive differentiator for financial services providers. This was one of the outcomes of a recent international study of financial service consumers by Accenture. Besides the consistency, all channels, face to face or online, should also comply with all regulatory […]

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financial-industry

Compliance with conduct standards – What challenges remain for financial services industry?

As part of an assessment of the commitment to conduct standards in the sector, DB & Associates, a management consulting firm operating in South Africa and Australia, held over 100 meetings with the executive leadership of the top 25 firms in South Africa’s financial sector over the past 18 months. This coincided with a Royal Commission of Inquiry […]

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Technology eases Compliance Burden

Schalk Malan, CEO of BrightRock, recently shared five of the major developments that are set to change the insurance industry as we know it. According to Schalk the rise of blockchain, personalised/precision medicine, the continuing rise of big data, multi-channel engagement and the Internet of Things (IoT) are technological advances that the industry will have […]

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Record Keeping Relief?

Some product providers have created facilities for advisers to upload documents on-line. This is then stored in a secure environment by the provider. John, a Moonstone Protector client recently raised an interesting compliance question in this regard. I have started uploading document directly to XYZ. In the past I used to send the documents via […]

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Technology and Compliance

A recent article by Patrick Cairns in Moneyweb provides an interesting perspective on the role of technology in the ever increasing challenge that compliance is becoming. The advent of Twin Peaks means that companies will no longer be tested on processes and procedures, but what they actually end up delivering.  Financial services providers will still […]

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Compliance

Compassion not an alternative to Compliance

The latest ruling by the Appeal Board reaffirms the fact that there really is no alternative, harsh as it may sound. The appellant appealed against the withdrawal of his licence by the Registrar. This decision was based on no less than ten instances of non-compliance with the provisions of the FAIS Act. Some of the […]

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