“Conflict of interest” means any situation in which a person has an actual or potential interest that may, in rendering a financial service to a client:
“Employee” for the purpose of this policy, will include:
“Fair value” means the amount for which an asset could be exchanged, or a liability settled between knowledgeable, willing parties in an arm’s length transaction (as set out in the reporting standards adopted in terms of the Companies Act (Act No. 61 of 1973).
“Financial interest” means any cash, cash equivalent, voucher, gift, service, advantage, benefit, discount, domestic or foreign travel, hospitality, accommodation, sponsorship, other incentive or valuable consideration, other than –
“Financial Service Provider” means any person, other than a representative, who as a regular feature of the business of such person –
“Financial Service” means any service contemplated in paragraph (a), (b) or (c) of the definition of “financial services provider”, including any category of such services.
“Immaterial Financial Interest” means any financial interest with a determinable monetary value, the aggregate of which does not exceed R 1 000 in any calendar year from the same third party in that calendar year received by –
“Ownership Interest” means:
“Representative” means any person, including a person employed or mandated by such first-mentioned person, who renders a financial service to a client for or on behalf of a financial services provider, in terms of conditions of employment or any other mandate, but excludes a person rendering clerical, technical, administrative, legal, accounting or other service in a subsidiary or subordinate capacity, which service –
“Third Party” means:
The provider is committed to ensuring that all business is conducted in accordance with the standards of good corporate governance.
The manner in which the provider conducts business is accordingly based on integrity and ethical and equitable behavior.
This Conflict Of Interest Policy aims to emphasise the interests of all stakeholders byminimising and managing all actual or potential conflicts of interest.
COMPAREGURU FINANCIAL SERVICES (PTY) LTD FSP. 47696 is an authorized financial services provider. Any financial services provider, such as COMPAREGURU FINANCIAL SERVICES (PTY) LTD, is potentially exposed to a conflict of interest in relation to various activities. However, the protection of our client’s interests is our primary concern as stated in our policy:
Once a conflict of interest has been identified, it must be appropriately and adequately managed.
No person may avoid, limit or circumvent, or attempt to avoid, limit or circumvent compliance with the Conflict Of Interest Policy via an associate or third party or an arrangement involving an associate or a third party.
COMPAREGURU FINANCIAL SERVICES (PTY) LTD FSP. 47696 and its employees (i.e. representatives) may only receive or offer the following financial interest from or to a third party. The financial interest includes but is not limited to:
Once an actual or potential conflict of interest has been identified, steps must be taken to (wherever possible) to avoid such a conflict. Should such avoidance not be possible, steps must be taken to mitigate such an actualor potential conflict of interest and must be disclosed to all impacted parties.
COMPAREGURU FINANCIAL SERVICES (PTY) LTD FSP. 47696 and its representatives must at the earliest reasonable opportunity disclose to a client any conflict of interest in respect of that client (and all other impacted parties).
The disclosure must be made in writing to the client and contain the following information which includes, but is not limited to:
COMPAREGURU FINANCIAL SERVICES (PTY) LTD FSP. 47696 shall conduct business in relation to the identification, avoidance and managing of conflicts of interest.
The Compliance Officer of the provider is responsible for managing (and updating) the Conflict Of Interest Policy
The onus is on the individuals subject to this Conflict Of Interest Policy to avoid creating conflicts of interest, and if this is unavoidable, to take effective steps to mitigate such a Conflict Of Interest and ensure that proper disclosure is made in respect thereof.
All employees are responsible for identifying specific instances of conflicts of interest and are required to notify the Compliance Officer of any conflicts of interest they become aware of.
The central register for the recording of conflicts of interest, including the persons involved and the controls implemented has been created.
Measures will be implemented to ensure continuous monitoring of compliance to the Conflict Of Interest Policy.
Where monitoring has identified non-compliance with either the Conflict Of Interest Policy, the compliance risk should be assessed with a recommendation as to the measures that will be taken to mitigate the compliance risk; and
This Conflict Of Interest Policy will be made available on COMPAREGURU FINANCIAL SERVICES (PTY) LTD FSP. 47696 website as well as the National Compliance website to ensure that it is easily accessible for inspection by employees, clients and third parties at all reasonable times.
COMPAREGURU FINANCIAL SERVICES (PTY) LTD FSP. 47696 employees, contractors and temporary workers will annually receive appropriate training and awareness on this policy.
All newly recruited employees must attend a training session during their induction program.
Training and training materials provided to representatives must include a reference to, and information on the content and application of this policy.
The FAIS Act provides for penalties in the event that a person is found guilty of contravening the Act, or of non-compliance with the provisions of the Act. The penalty for non-compliance of specific provisions of the Act, is an amount of up to R1 million or a period of imprisonment for up to 10 years.
The Registrar of FAIS is empowered to refer instances of non-compliance to an Enforcement Committee of the FSB that may impose administrative penalties on offenders.
The FAIS Act also gives the Registrar the powers to revoke the license of a FSP.