More than 10 Years in Compliance

Market Conduct Service

Introduction

The Standard Market Conduct Compliance Service “MCC Service” is for those registered Financial Services Providers (FSP’s) that wish to engage with a professional compliance services provider to assist the firm to identify and manage market conduct risk(s) and align their business to the expectations of the regulatory authorities.

Compli-Serve has designed the MCC Service to ensure that the firm is able to effectively manage conduct risk within the wider risk management framework. Compli-Serve will assist clients to understand the nature of market conduct risk , identify areas of concern and work with clients to remedy any deficiencies.

Compli-Serve's Market Conduct Compliance Service is delivered within the scope of legislation and key regulatory initiatives as below:

  • Treating Customers Fairly (TCF)
  • Retail Distribution Review (RDR)
  • Protection of Personal Information Act (POPI)
  • Financial Advisory and Intermediary Services Act (FAIS)
  • Financial Intelligence Centre Act (FICA)

The Market Conduct Service consists of several components as described below:

Initial Review

This is an essential first step of the compliance risk management process where a detailed assessment of the client is undertaken by Compli-Serve in order to understand the business model and assess key areas of compliance and conduct risk at an early stage. The review is conducted on an interview basis with the key persons in the firm and any other persons as deemed necessary. Feedback and recommendations are presented to the client at a follow up consultation.

License Review

Compli-Serve will review the current regulatory license(s) held by the firm with the Financial Services Board . It is important that the firm has the correct scope of license for activities undertaken and furthermore that all required persons are registered.

Process Implementation

Once readiness levels have been assessed and conclusions reached Compli-Serve will advise upon implementation required and where current processes and documentation would require some amendment. Compli-Serve endeavours to amend rather than replace existing processes.

Monitoring

Compli-Serve utilises various monitoring techniques for this ongoing process and is undertaken with our clients during the course of the year.

  • Initial follow up
    This is generally undertaken approximately 30 days after the initial review to discuss findings of the initial risk review as may be required.
  • Regular checks
    On site visits to assess the progress of implementation. A feedback report is prepared for the client to summarise any action that may be required. Areas that remain outstanding from a previous visit are normally given a higher priority.
  • Annual audit
    At this final check of the compliance calendar Compli-Serve will in conjunction with the client help prepare the required compliance report for submission to the Financial Services Board.

Client Support Services

Ongoing support is an important component of the MC Service and is delivered to our client via our Standard and Premium Support as below:

Standard Support

This level of support is delivered via our in-house support facilities detailed below and is included in the monthly compliance fee:

  • Telephonic support
    Make a call to the support centre on 0861 273783. Service available during business hours Monday – Thursday 08:30 to 17:00 and Fridays to 16:00.
  • email support
    Send a mail directly to your designated compliance officer or to our support centre via support@compliserve.co.za we will send an immediate acknowledgement of your query and attend to your questions.
  • Web Site Support
    Clients are allocated a user name and password to gain access to the protected areas of our website and gain access to the online support facilities.

Premium Support

Premium Support will relate to services that would not be required by the client on a regular basis and are therefore excluded from the monthly fee. Premium Support will be quoted on a case by case basis and priced at the ruling Compli-Serve rate which is available upon request.

  • On-Site interventions
    Mutually agreed onsite interventions that fall outside the schedule of visits detailed under the Monitoring section.
  • Complaint Handling (Initial Review & Response)
    In the event of a client complaint Compli Serve will review the complaint and advise the key individuals as to the merits of the complaint in terms of the FAIS. A case file will be opened and a timeline inserted to ensure compliance with the rules of the FAIS Ombud. A response will be prepared to the client detailing the proposed course of action.

PLEASE NOTE

The Market Conduct Compliance Service is rendered on an annual contract basis and is subject to the Terms and Conditions of Service. Prices will vary depending on the number of authorised individuals operating under the license entity and the levels of client discretion.

Some premium services are dependent of availability of specialist resources at the time of request.

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