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Areas of Focus 2008

Areas of Focus 2008. High Risk Areas Criminal Offences. Section 36. s7(1)- Acting without a license s8(8)a- Licenses and reference to it s13(1)- Reps, Qualifications, FSP’s duties s14(c)- debarment of reps s18 - Maintenance of Records s19 – Accounting and Audit Requirements. Licenses.

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Areas of Focus 2008

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  1. Areas of Focus 2008 • High Risk Areas • Criminal Offences

  2. Section 36 • s7(1)- Acting without a license • s8(8)a- Licenses and reference to it • s13(1)- Reps, Qualifications, FSP’s duties • s14(c)- debarment of reps • s18 - Maintenance of Records • s19 – Accounting and Audit Requirements

  3. Licenses • Must have a license • Must be approved before acting

  4. Approval of License and amendments 2 License • Examine your business and the products you give advice on • Amend license • Approval of FSB needed • OBSERVATIONS: • 2007- FSP’s giving advice on products for which they R not licensed • 2007 – product providers still accepting the business 4 which FSP’s R not licensed. • RISKS • Contravention of Act 4 acting without a license • License could be revoked – and charged criminally.

  5. License and references to it • Must display – includes regional offices • Reference to fact that FSP is licensed in ALL business docs, Adverts,& promotional material • 2007 – when in doubt include it. • 2007 - Check your business documentation.

  6. Representatives • High Risk • Service contracts • Disclosure notice ( Crux Consulting) • Authorized rep. • FSP accepts responsibility 4 activities of rep.

  7. RepresentativesProblem areas • KI’s managing 2 many reps ( max 5 per KI ) • No quality control • HR risks • Codes of Conduct Risks

  8. Tools 4 RepsBusiness solutions • Service contracts • Rep declarations • Disclosure notice

  9. Debarment of reps • Competency of rep 2 act as such • Fit and proper • Honesty and integrity • Rep declaration • Competency • Educational matrix • Operational ability • Rep declaration • Financial Soundness • Rep declaration • Pre selection process • Post selection check • Indebtedness can obscure ones vision. • 2007 potential fraud pre selection

  10. Maintenance of records • 5 years • Pre mature cancellation • Compliance Risk management System • Complaints • Compliance Risk Management System • Cases of Non Compliance • Wide • 4 criminal purposes not notifying FSB of changes • Directors – contravention of condition 1 license conditions • Shareholders • Rep registers • Key individual registers

  11. Maintenance of records Contd.. • Continued Compliance of reps • Reasonable steps that reps complies with codes of conduct • Compliance Risk management System • Code of conduct sheet 4 all transactions • 6 step process and compliance • Methodology for files

  12. Accounting and Audit requirements • Submit on time • Solvency • Fines • 2007 – Late submission. • Must be submitted to FSB • Crux send out pro- active reminders

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