Finstruct Compliance (Pty)Ltd has developed an Internet-based compliance and disclosure service for financial services intermediaries. It is XML-based and database driven and can very easily be adapted to meet the legislated compliance requirements of any foreign jurisdiction.
In the main the Finstruct system generates transaction certificates at point of sale which are encrypted and stored in a safe environment. No certificate can ever be amended or removed from the system and each certificate endures for the term of the underlying contractual relationship relating to the particular financial product or service provided by the financial adviser to the client.
All certificates, irrespective of the product provider involved or the type of needs analysis tool used, are therefore stored in one central location with Finstruct Compliance and the independence of the adviser thereby ensured. Furthermore, central storage ensures that all compliance transaction records can be accessed at a single location, which greatly facilitates effective compliance practice, regulatory inspection and external audit procedures.
Finstruct Compliance (Pty) Ltd is an independent organisation and is not owned or controlled by any product provider. We are and will remain proud of our independence and firmly believe that financial advisers should not be tied to any product provider for purposes of compliance and disclosure.
Our view is that the Internet will continue growing as the premier cost-effective distribution channel for financial services data and information. Best advice demands access to such data and information, fierce independence and the constant availability of appropriate online compliance tools.
The Finstruct compliance service will be available to advisers at R 95-00 (around US$15 per month) per month. Advertising banners can be placed, starting at around R 25 000 per month (around US$ 4 000).
Finstruct is intending to expand its service to foreign jurisdictions in the very near future and invites interested parties, both in South Africa and elsewhere, to contact Quinten Knox at: knoxq@finstruct.com
or at Johannesburg, South Africa Tel No. 259 0500.
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