Compliance

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Regulatory Compliance

We are committed to operating in full compliance with the regulations set by the Financial Services Board (FSB), which regulates the financial services industry in South Africa. The FSB is responsible for establishing the regulatory framework and guidelines that all financial service providers are required to follow.

Financial Advisory and Intermediary Services Act (FAIS) – Act 37 of 2002

The purpose of the FAIS Act is to:

  • Protect consumers

  • Ensure that consumers receive adequate and appropriate information to make informed financial decisions

  • Regulate the rendering of financial advice and intermediary services

The FAIS Act applies to all licensed financial service providers, as well as their key individuals and representatives. To obtain and maintain a licence, both providers and representatives must demonstrate to the FSB that they meet the required fit and proper standards.

Financial Intelligence Centre Act (FICA) – Act 38 of 2001

The purpose of the FICA Act is to:

  • Establish a Financial Intelligence Centre and a Money Laundering Advisory Council

  • Combat money laundering and the financing of terrorism

  • Impose compliance obligations on institutions and individuals that may be used for money laundering activities

Our Compliance Commitment

To ensure ongoing compliance with FSB regulations and the requirements of both the FAIS and FICA Acts, Inventive Financial Solutions (IFS) has appointed an independent compliance officer.

Our compliance officer is Compliance Connection (Pty) Ltd (Gauteng), FSB Registration Number 4071.
They are responsible for monitoring our operations and ensuring that we consistently adhere to all regulatory and legislative requirements.