Our responsibility as an independent and objective compliance practice is to assist and support a business in implementing an effective compliance framework. As part of this activity our goal is to ensure the regulatory requirements are implemented in a manner that optimises the benefits of the structures provided by the legislation. Our further monitoring responsibility is to ensure not only that a business is compliant with the law, but that it is doing so in efficient and meaningful way.
This having been said there are specific categories of FSP that we believe require specific advice given their unique requirements based on the role they fulfil within the market and have thus created three divisions to better address these specific needs;
The automotive industry is one of South Africa’s most important business sectors and although selling vehicles is the primary function of any motor dealer, the margins are thin and it is important for dealers to increase profitability by “up selling”. One of the primary additional products sold are financial products, such as credit protection insurances, and are offered to customers by specialist finance and insurance practitioners (F&Is).
Whilst the regulations governing the sale of these products is exactly the same as that of the conventional broker the insurance instruments and delivery mechanisms involved are very different. For this reason it is necessary to have a niche focus within the compliance regime that ensure that the processes adopted by every motor dealer conforms to the regulatory requirements of the FAIS Act and FICA.
Thus we have a specialist motor division that is fully equipped to deal with the unique activities of F&Is, and indeed our team of motor compliance officers between them make more than 1700 monitoring visits to F&Is each year, with a full and comprehensive written report prepared after each visit. The reports are presented to the F&I as well as the key individual, enabling any areas of non-conformity to be dealt with quickly and efficiently.
Our team works with some of the biggest names in the sector, including Unitrans, Barloworld, McCarthy, Super Group and many others.
Click here to view the Motor Division’s members profiles.
As with the motor division you will find the regulations governing the activities of the UMA and insurer are exactly the same as that of the conventional broker but their practical application is different thus why we created a dedicated division to have that niche focus to enable that the processes adopted by each of UMA and Insurer clients conform to suit their circumstances.
We have compliance officers and support staff who have worked in the insurer and UMA sector so we are ideally suited to understand what a client does and apply the legislative requirements logically.
Click here to view the Insurer/UMA Division’s members profiles.
The broking industry encompasses various fields from the traditional generalist personal, commercial lines and/or life brokers to those devoted to a specific niche business such as guarantees, health care or aviation. These are all encompassed in the broker division at Associated Compliance. Our staff and management’s previous experience in the financial services industry gives them the necessary understanding of the processes and workflows to assist in the implementation and monitoring of an effective and beneficial compliance framework.
We have a client base within the Category I, IV or V licence sectors individually ranging from the sole trader to entities with a national branch network, the generalist and specialist intermediary and those holding binder and outsource agreements.
Click here to view the Broker Division’s members profiles.
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