Independent Compliance Services (Pty) Ltd

General information

What is Compliance?

In this context “compliance” is the legal term used to describe a person or entity acting in accordance with the provisions of FAIS and FICA.

Every business in the financial advisory and intermediary services industry must ensure that they operate their business in terms of the provisions and limitations set out in these Acts.

Who needs a Compliance Officer?

Any authorised FSP with one or more representatives or with more than one key individual must appoint a compliance officer who is approved by the Registrar.

Services that ICS will provide:

ICS will monitor the effect of both the FAIS Act and the FIC Act in terms of regulatory requirements and the impact thereof on your products and services. ICS is an independent company which provides all its employees with the ability to function independently and objectively from our clients.

Other services include:

Compliance audits
Compliance monitoring and review
Compliance planning
Compliance policies and procedures
Compliance risk management
Liaison and interaction with regulators
Mandate compliance
Providing specimen compliance documentation
Regular monitoring and sampling
Reporting and follow-up procedures
Statutory reporting
Submission of applications to regulators

Why outsource to ICS?

The size of a business may not warrant a full-time in-house compliance officer or it may be that some form of support is required, particularly if the role is not being filled by a compliance professional. ICS as leaders in financial compliance and risk management can provide these services and support in a cost-effective manner in order for FSPs to achieve their required regulatory compliance.