Compliance Services for small Financial Service Providers
The Self-Comply Service has been expertly crafted for small Financial Services Providers (FSPs) that are not required by legislation to appoint a FAIS Compliance Officer but still seek assistance and support in navigating the intricate landscape of their compliance requirements.
The Self-Comply Service is a compliance support solution, empowering our clients to meet their obligations in terms of the Financial Advisory and Intermediary Services Act (FAIS) and/or the Financial Intelligence Centre Act (FICA). Through the provision of dedicated personnel and resources, this service enables clients to confidently fulfil their obligations and operate within the financial services legal framework and promote trust and transparency in their business.
Our Self-Comply Service Options
FSPs have the option to choose our FAIS-focused service or to include FICA in the package
FAIS Offering
- Monthly compliance planning sessions with a dedicated compliance consultant;
- Custom compliance plan tailored to small FSPs;
- A practice assessment and ongoing file monitoring to keep the FSP audit-ready;
- Access to key compliance documents, such as policies, standards, and control documents;
- Provision and review of FAIS risk registers, together with actionable recommendations;
- Access to up-to-date legislation and other regulatory documents;
- Insightful monthly newsletters featuring articles related to changes in financial services and anti-money laundering legislation;
- Timely alerts and reminders on imminent deadlines; and
- Discounts on Moonstone Compliance webinars and events.
FAIS and FICA Offering
- Monthly compliance planning sessions with a dedicated compliance consultant;
- Custom compliance plan tailored to small FSPs;
- A practice assessment and ongoing file monitoring to keep the FSP audit-ready;
- Access to relevant compliance documents (templates) in respect of FAIS and FICA (e.g. policies, procedures, and control documents);
- Provision and review of FAIS and FICA risk registers, together with actionable recommendations;
- Access to up-to-date legislation and other regulatory documents;
- Generic online employee training on FICA;
- Insightful monthly newsletters featuring articles related to changes in financial services and anti-money laundering legislation;
- Timely alerts and reminders on imminent deadlines; and
- Discounts on Moonstone Compliance webinars and events.
Frequently Asked Questions
Who is this service suitable for?
The Self-Comply Service is suitable for:
- Sole proprietors who are licenced as FSPs and do not have any representatives on their licence;
- Any juristic person (company, closed corporation, partnership or trust) with one key individual and one representative on its FSP licence; and
- Persons who are exempt from appointing a FAIS Compliance Officer under Board Notice 127 of 2010 or subsequent exemptions issued by the Financial Sector Conduct Authority (FSCA).
What can I expect every month?
- A monthly meeting with one of our compliance consultants. During the meeting, they will provide you with a compliance plan and assist you in following the plan. They will discuss and review the necessary documents and policies to be implemented and will provide updates on recent FAIS and/or FICA regulatory developments, among other relevant topics, if any.
- The meetings will be accompanied by newsletters to keep you informed of industry updates.
How does Self-Comply differ from Moonstone’s FAIS Comprehensive Service?
The Self-Comply Service is a support service where a Moonstone Compliance consultant will guide you to comply with the FAIS requirements and empower you to stay on track to meet the requirements. The consultant is not linked to your FSP licence and does not perform the role of a FAIS Compliance Officer.
The Comprehensive Service has an FSCA-approved Moonstone Compliance Officer who fulfils the role of a FAIS Compliance Officer (which is a legally required appointment; dependent on the size of your business), is linked to your FSP licence, and is required to perform certain functions in terms of the FAIS Act. These include actively assisting you in creating and implementing your FAIS compliance function, customising documents, and liaising with the FSCA on your behalf.
Will you provide all the policies and documents I am required (by the FAIS Act and/or FICA) to implement?
Yes, the Self-Comply Service has a comprehensive library of documents and policies that meet the FAIS and/or FICA requirements, and our consultant will guide you to customise these for your business.
Kindly note that you will only be provided with access to FICA documents and policies if you subscribe to the FAIS and the FICA service offering. If you are subscribed to the FAIS service offering, you will not have any access to FICA documents and policies.
Kindly note that you will only be provided with access to FICA documents and policies if you subscribe to the FAIS and the FICA service offering. If you are subscribed to the FAIS service offering, you will not have any access to FICA documents and policies.
When do I need to appoint a Compliance Officer?
Section 17 of the FAIS Act requires that an FSP must appoint a Compliance Officer when it has “more than one key individual or one or more representatives”. If your FSP currently has one Key Individual, who is also the only representative on the licence, you are not required to appoint a Compliance Officer. It will, however, be recommended.
Will the Moonstone Compliance consultant submit reports on my behalf to the FSCA, FIC or other regulators?
No, although the Moonstone Compliance consultant will make you aware of and assist you in understanding the reporting requirements, they cannot submit regulatory reports or other submissions (such as financial statements) to the FSCA, FIC or other regulators on your behalf.
Partner with Moonstone Compliance Today
Ensure your business meets the regulatory requirements with Moonstone Compliance’s expert services. Contact us to schedule a consultation or learn more about our tailored compliance solutions.