|Service Name:||Compliance Officer Service ( Category I FSP )|
|Service Scope:||Financial Advisory and Intermediary Services Act, No 37 of 2002 “FAIS”|
Automated advice means the ‘furnishing of advice through an electronic medium that uses algorithms and technology without the direct involvement of a natural person’. This definition aligns with what is generally termed robo-advice, which is the giving of advice by using algorithms and technology with limited or no human intervention.
Robo advisers represent a fast-growing trend within the investment advisory industry and have the potential to give retail investors more affordable access to investment advisory services as well as change the competitive landscape in the market for investment advice.
While many robo-advisers were initially geared towards millennials, their popularity has been expanding among all age groups and classes of investors.
Our value-add is to:
- Simplify the vast array of legislation to enable the FSP to comply more easily with its legislative
- Bring to the FSP’s attention any pending new legislation that will affect it and introduce policies and procedures to ensure compliance thereof.
- Be able to assist the FSP with structuring its online offering to ensure full compliance with the regulatory requirements.
Remind the FSP throughout the year of its reporting obligations and to assist where required.
- Quarterly reviews are scheduled using both face-to-face and teleconferencing facilities, such as MS Teams/Zoom and others, to engage with the client and assess the progress of compliance implementation and on-going adherence to regulations. A feedback report is prepared for the client to summarise any action that may be required.
- In addition, Compli-Serve will, in conjunction with the client, help prepare the annual compliance reports for submission to the Financial Services Board and assist in ensuring that other regulatory filings are submitted on time.
Our main skill sets are as follows:
- Many years of experience in dealing with FSPs that offer robo-advisory services.
- Our Compliance Officers are predominantly lawyers with an excellent understanding of law, with one accountant to provide specialised advice in financial areas.
- Vast experience in the investment and related industries.