COMPLIANCE MANAGEMENT FRAMEWORKS

In terms of section 37 of the FAIS Fit and Proper Requirements, the governance framework of a financial services provider (FSP) should inter alia have effective systems and procedures in place to ensure compliance with the FAIS Act and other applicable laws.

To assist our clients, ICS has prepared specimen Compliance Management Framework templates for Category I, II and IIA FSPs.

The applicable framework will be the one that ties to the most onerous category of licencing for each FSP. Should the FSP be licensed for more than one category i.e. CAT I, II and IIA, the IIA framework will be the applicable one.

Clients should populate the cover page with their respective FSP details/logo and place it on file.

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