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FAIS Compliance

Financial Services Board Registration No : 9663 (View certificate)

Professional Indemnity

Issued By: Carmargue Insurance Company
Policy Number: CN971 (View policy)

Professional Association Memberships

The Financial Planning Institute (FPI) (View certificate)
The Insurance Institute of Southern Africa (ISSA)

Compliance Officer

Reginald Thomas Besseling

Compliance Registration No: 1839
Compliance Institute of Southern Africa Membership No: 481 (View certificate)

53 Soutpans Avenue
Po Box 73247

Tel: 011 678-7564
Fax: 011 678-3326

Regulatory Compliance

Freedom of Information Document (View document)
Brokers Disclosure Document (View document)
Complaints Procedure (View document)
Conflict of Interest Policy (View document)
Conflict of Interest Policy – Notes & Information (View document)
Disaster Recovery Plan (View document)
Policyholder Protection Rules – Life Insurance (View document)
Policyholder Protection Rules – Short Term Insurance (View document)
Statutory Notice – Life Insurance (View document)
Statutory Notice – Short Term Insurance (View document)

The Financial Centre Intelligence Act (FICA)

We, as Registered Financial Service Providers, have to comply with the same set of legislative rules as the rest of the Financial Services Industry. This in turn means that we have to hold certain information about our clients in order to comply with the provisions of the various Acts. These Acts are the following:

  • Financial Intelligence Centre Act
  • Financial Advisors and Intermediary Services Act
  • The Prevention of Organised Crime Act
  • Freedom of Access to Information Act

In terms of our license it is incumbent upon us to comply with the regulations contained in the above Acts.

Please take note of the following requirements in terms of The Act as required for a juristic entity:

  • A copy of the original CM1 (certificate of incorporation)
  • A copy of Notice of Registered Office and Postal Address (CM22)
  • Copy of contents of register of Directors (Form CM29)
  • Current Form CK2 reflecting founding members or amended notice (close corporations)
  • Trade address (if we do not have it)
  • Proof of Trade Name
  • Income Tax Number (any documentation which contains your Tax Number)
  • VAT number (any documentation from SARS reflecting the number)
  • Full names, I.D. numbers and contact particulars of the manager of the company (CC) and or the responsible person.
  • Full details of the shareholders who own more that 25% of the voting rights of the particular company.

In the event that the that the client is an individual the following requirements need to be met which must not be more than three months old:

  • Proof of residential address i.e. utilities account, copy of Short Term insurance policy etc.
  • Copy of Identity Document

The requirements for FICA are only applicable to the Long Term Insurance industry and is specifically excluded from Short Term Insurance, but it still remains our responsibility to report any CASH transaction which is more that R25,000.00 in value.

Compliance Technology

Our archival compliance system (“Scandigo”) is supported by a networked computer system in our offices combined with “Indigo”, our custom-designed data administration system. “Indigo” is uploaded up to our web site every twenty-four hours, allowing our clientele to access their own details via a username and password anytime during the day or night, anywhere in the world.

We have also obtained a high-speed scanner and an Acer Altos 600 Server as a storage device for “Scandigo”, in order to comply with the standards laid down in the PPR and the requirements of FAIS. It has been designed using open source software, PHP and My SQL.

This system has been implemented at our offices and allows for the full archiving and indexing of every document that enters the office through the use of scanning, conversion and database software. Any item that needs to be archived is first sent to be captured by the Indigo system, the in-house administration system that allows instant retrieval of client and policy details. Once this data has been entered, and the Indigo system updated, the document is sent for scanning.

The scanned version of the document can then be saved in any number of formats, preferably Adobe Portable Document Format (PDF), although server-side on-the-fly conversions are possible. The scanned document is saved to a hierarchical directory structure on the file server, in a folder specified in the following manner:

Once the scanned document is saved, the Scandigo system is activated, and the selected file is uploaded.

This is a three-step process. First, the file to be archived/uploaded is selected. Then, the program will automatically extract the correct extension, path, and mime type for the file.

At this point, the program also needs to insert archival information into the database as metadata for that particular file. This metadata includes the Expiry Date (defaults to 5 years), Subject, Author, Title, Type of Document (Claim Forms, Complaints, Identification, etc.), Date, and finally the client that the document applies to.

There is also a Public flag. In the future, enabling this flag will allow users to view their own locked and archived documents through a secure connection on our web site.

Finally, this data is inserted into the database, and the Scandigo system starts a watch process on the file until its expiry date, when it is deleted. All the data in the Scandigo database, as well as all the files and folders in the structure are backed up on a daily basis. This provides for data recovery at any point.