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COMPLIANCE; “The importance of culture; we see deficiencies in firm culture as a potential root cause of poor outcomes for retail consumers. As a consequence we will be paying close attention to the culture of firms and how the board has oversight over and challenges management on how a good culture is being embedded throughout the firm.” Source: Clive Adamson FSA director of supervision |
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Compliance Officer RE 40 exams- WHAT YOU NEED TO LEARN (based on initial trials) 1. Board Notice 126/127 of 2010, the actual FAIS Act and the General Codes of Conduct 2. The FAIS Act in relation to lapses, suspensions, withdrawals of licences. 3. Section 19 of FAIS, especially client money and the handling thereof. 4. The CISA principles-CISA GACP 5 Replacements 6 Breach reporting- materiality 7. Disclosures, advice, intermediary services and record keeping 8. BN 127 Phase I and II authorisation for compliance officers;when compliance officers can delegate compliance related tasks. 9. Difference between advice and intermediary services, scenarios- distinguish whether advice or an intermediary service was being given/rendered... “in which of the following circumstances must a person be authorised as a representative…” 10. Financial products. 11. Disproportionate questioning (in my opinion) on lapsing, suspension and withdrawal of licenses. 12. BN 58- making the COI policy available and its contents. 13. display of licenses. Source: Compli-Serve SA 2012 |
18 May 2012: CompliNEWS (16/2012)
[18-May-2012]
18 May 2012: FAIS Ombud determination-Mojela v Estene Brokers (short term insurance,complaint upheld,May 2012)
[18-May-2012]
18 May 2012: FIC- EXAMPLE OF A 419 SCAM LETTER
[18-May-2012]
18 May 2012: PUBLIC NOTICE ON 419 SCAMS
[18-May-2012]
18 May 2012: Speech- Solvency II and the London Market
[18-May-2012]
18 May 2012: FSA decides to ban BGC senior executive Anthony Verrier
[18-May-2012]
18 May 2012: Vodacom granted short and long term insurance licences
[18-May-2012]
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