Unit Standard No.12164Page 74
TASK SHEET 2.10
In your groups, critically analyse the insert from the FAIS Act below and compare it with the bullet points on Compliance Officers above. Make your own summary about what the duties of FSP’s are regarding Compliance Officers.
DUTIES OF AUTHORISED FINANCIAL SERVICES PROVIDERS
Compliance officers and compliance arrangements
(a) Any authorised financial services provider with more than one key individual or one or more representatives must, subject to section 35(1)(c), appoint one or more compliance officers to monitor compliance with this Act by the provider and such representative or representatives, particularly in accordance with the procedures contemplated in subsection (3), and to take responsibility for liaison with the registrar
(b) Such person may be a director, member, auditor, trustee, principal officer, public
officer or company secretary of any such provider, or any other person with suitable
qualifications and experience determined by the registrar by notice in the Gazette, after consultation with the Advisory Committee.
(c) The provisions of section 19(5) and (6), relating to an auditor of an authorised
financial services provider, apply with the necessary changes to a compliance officer.
(2) A compliance officer must be approved by the registrar in accordance with the
criteria and guidelines determined by the Advisory Committee .
(3) An authorised financial services provider must establish and maintain procedures
to be followed by the provider and any representative concerned, in order to ensure
compliance with this Act.
(4) A compliance officer or, in the absence of such officer, the authorised financial
services provider concerned, must submit reports to the registrar in the manner and
regarding the matters, as from time to time determined by the registrar by notice in the Gazette for different categories of compliance officers, after consultation with the
(5) The provisions of subsections (3) and (4) apply with the necessary changes to any authorised financial services provider who carries on a business with only one key individual or without any representative.
INSMAT final materials31/10/03