Compliance | Legal | Risk

Internal Control Procedures requires the implementation of a compliance function as a part of the risk framework of the business.We Support the Key Individual with the implementation of the above processes and procedures to comply with the legal requirements of the FAIS Act.This procedure includes compliance guidelines for the use of the business.

Templates and documents are provided which will be used with the compliance of the business and its staff as well as the business interaction with its clients. These procedures and templates ensure that the business remains compliant with the general code of conduct and the FAIS legislation

With the appointment of INFINITUM as your Compliance Officers at the FSCA all compliance functions will be attended to on your behalf. The duties of an compliance officer include inter alia the following:

• Monitoring of the compliance function;
• Supervision of the compliance function;
• Recommendations to the Key Individual regarding compliance and monitoring;
• Submitting of reports to the Financial Services Conduct Regulator (FSCA) as required by the FAIS Act.

Risk Management principles are standardized in the Financial Services Industry. The General Code of Conduct addresses risk management in general terms and does not require specific risk management rules, but requires the FSP in general to address risk management in all its operational risk procedures.

INFINITUM assist the Key Individual to identity the risks in the FSP and to draft a risk management plan, focussing on the specific risks of each and every individual business. The risk management plan is updated on a regular basis.

In terms of Board Notice 127 of 2010 it is required from an external compliance officer to visit a Category I Financial Services Provider on a quarterly basis.Category II Financial Services Providers must be visited on a monthly basis.

Where the business utilizes web based software we will supervise and monitor such software on a regular basis. This will enable development areas to be identified and remedial actions be implemented timeously.

We will provide continuous communication in respect of amendments to the Act and sub-ordinate legislation.We will be able to provide the necessary assistant with profile changes at the FSCA. Assistance and preparation will be provided in the event of a Financial Sector Conduct Regulator (FSCA) visit to an FSP.

Legal assistance can also be provided in the event of a FAIS OMBUD complaint.