As a significant part of the process of strengthening our respective businesses, being compliant with Regulations and Legislation is imperative. As your underwriter , NestLife is obliged to ensure that all our business associates and clients keep up to date with legislative and regulatory requirements, and ensure compliance therewith.
As part of NestLife’s compliance obligations, the FSB requires that as your underwriter, we conduct annual compliance audits of your businesses. The purpose hereof is in no way to undermine your authority and ability to run your business. It is a legal requirement on our part in accordance to legislation and a safeguard for sustainability of your business.
Many of our valued clients, attended the FSB / Compliance Workshop organised by us which was held on the xx of March 2016 in Johannesburg. At this workshop, we briefly advised all attendees of the requirements for the compliance audits. The purpose of these compliance audits are as follows:
- To ensure that we all implement the regulatory Compliance Framework, which form a strong basis on which we develop our businesses. This relates to policies and procedures together with risk management plans..
- To ensure that all required agreements are in place, clearly indicating all parties’ rights and duties.
- To agree on standards of performance to be adhered to by the parties, and to ensure that the principles of Treating Customers Fairly (TCF) are achieved.
- To identify areas where there are concerns and to work together to address and resolve these concerns. To provide you with information and guidance on resolving these concerns.
- To ensure that you have adequate policies and procedures in place to ensure the continued development of your business. As an inherent part of our relationship, we provide you with support which you need, and will assist and guide you in order to achieve the objectives of your business.
Accordingly, in the near future, we will be contacting all our valued clients to arrange for a mutually convenient time to meet at your offices to conduct the Compliance Audits aforesaid. We encourage you at these meetings, to raise all questions you may have relating to legislative changes in our industry.
Change may be intimidating and daunting to many of us, but this process encourages us all to challenge ourselves; to grow and achieve common goals we all have as entrepreneurs and industry leaders.
The primary purpose of the Compliance Workshop in March 2016, was to provide you with information from the FSB on the requirement to register as an FSP. It was also an opportunity to introduce you to the representatives from FAIS department of the FSB, responsible for the registration as an FSP.
It is appreciated that many of you took the opportunity to engage with us and the FSB. Further, that some took the step to apply for your FSP license, thereby confirming your commitment to the continued existence of your business. To date, NestLife has assisted 10 (ten) of our JR’s to obtain their FSP licences. We are available to assist all our clients in attaining their FSP registration, and we shall walk the journey with you.
We look forward to continued engagements and support to your benefit as our clients.
Nestlife Compliance Team