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The global regulatory landscape is undergoing a fundamental change.

In the years since the 2007/08 financial crisis, regulators across the globe have focused on a programme of more robust supervision of financial services firms. Meanwhile, a raft of initiatives have been introduced to bolster the regulatory framework.

Regulators have committed to a more intensive and intrusive supervisory approach to monitor the risk that certain transactions, processes and people create, with the twin aim of improving transparency in markets and products.


Source: Thomson Reuters

Compli-Tip

6 conduct risk events to look out for in 2017 tmsnrt.rs/2h9fVfm

TOP 3 TIPS FOR 2017

No 3. TCF has not gone away- Some people seem to feel  that with the advent of RDR, the Treating Customers Fairly (TCF) programme has gone into the background and will likely not really feature going forward. This is a tragic error on their part as TCF is not simply one piece of legislation or a vague setof guidelines or principles; it is an overarching conduct structure of which the retail distribution is a key component.

No 2. Get to know RDR- stakeholders in the financialservices industry find time to understand the proposals set forth by the Financial Services Board (FSB). You should also try and stay up to-speed with subsequent updates issued by the Regulator giving more detailon how they are thinking in respect of their initial 55 proposals

No 1.Get professional advice- It never ceases to amaze me that Financial Service Providers pay good money for lawyers and accountants and then head for the bargain basement for a compliance officer to guide them on regulatory compliance.Compliance is a profession and you should seek out a professional for advice. Most professional compliance officersare members of the Compliance Institute of South Africa.This should be one of your first ports of call when you are looking for compliance professionals to assist you in managing regulatory risks.



Source: Compli-Serve SA

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Who are Compli-Serve and what do we offer?

  • Offers professional support and services to financial professionals, thus enabling businesses to meet the increasing challenge of regulatory compliance risk in today's environment.
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  • Our wide range of services range from the coaching and support of in-house compliance personnel through to a fully outsourced compliance service and many other related value-added services.

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