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16 November 2018 Financial Service Intelligence Watch

'PIP' and ‘PEP families’ are under closer scrutiny under SA's revised FIC Act

Compli-Serve SA

South Africa has now adopted a risk-based approach to its anti-money laundering or anti-terrorist financing law. Banks, client money handlers, in fact all accountable institutions (AIs) need to apply 'proportionate' risk profiles to clients who could be associated with politically-exposed persons (PEPs) or what are known as prominent influential ...

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The role of regulation in encouraging good culture - speech by the UK regulator

A speech on 'The role of regulation in encouraging good culture' was delivered on 6 November 2018 by Andrew Bailey, Chief Executive of the UK Financial Conduct Authority (FCA), at the Investment Association Culture Conference, Mansion House, London.

Highlights from the speech:

  • The effectiveness of communication with consumers is in my experience a ...
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Working Smart

 By Lee Rossini

Andile heads up the administration department of a financial services provider (an FSP). He receives the application forms from the financial advisers after they have recommended a particular product to a client. He picks up that there is a big delay between the financial advisers seeing the client and the forms reaching his department. As a result, he is receiving a lot of complaints about delays. After a brief discussion with a senior manager, they decide that the financial advisers should attend a time-management training programme the following week in the hope that it will solve the problem. Andile outsources the training to a company that specialises in courses of this nature. The financial advisers attend the course and the evaluations indicate that they enjoyed it and anticipate that the newly acquired skills will assist them to perform their jobs better. Andile anticipates an improvement in their performance, but unfortunately this never happens.

What went wrong and why didn’t Andile get the results he was expecting?

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