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Unit Standard No.12164Page 127

COMPLIANCE PROVISIONS WITHIN AN ORGANISATION

The legislation is clear that certain compliance provisions, most of which have been covered under the various headings within this manual, have to be met by the Financial Services Provider (being the “organisation”)

The provisions include, amongst others:

Control measures

Specific control objectives

Insurance

Advertising

A Provider who advertises a financial service by telephoneError! Not a valid link.

o CONTROL MEASURES

A provider must at all times have and effectively employ the resources, procedures and appropriate technological systems that can reasonably be expected to eliminate as far as reasonably possible, the risk that clients, product suppliers and other providers or representatives will suffer financial loss through theft, fraud, other dishonest acts, poor administration, negligence, professional misconduct or culpable omissions.

o SPECIFIC CONTROL OBJECTIVES

A provider must, without limiting the generality of section 11, structure the internal control procedures concerned so as to provide reasonable assurance that-

(a) the relevant business can be carried on in an orderly and efficient manner;

(b) financial and other information used or provided by the provider will be reliable; and

(c) all applicable laws are complied with.

o INSURANCE

A provider must, if, and to the extent, required by the registrar maintain in force suitable guarantees or professional indemnity or fidelity insurance cover.

o ADVERTISING

INSMAT final materials31/10/03

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