SilverBridge simplifies FAIS fit and proper compliance with app
SilverBridge recently launched the FAISapp, which will help financial services providers (FSPs) to simplify the fit and proper requirements of the Financial Advisory and Intermediary Services (FAIS) Act.
The FAISapp offers a range of digital options to replace the paper-intensive, time-consuming and expensive processes that FSPs must maintain. The basic digital processes are free, but for those FSPs that want more, there are advanced options at a fee.
The FAISapp is aligned to BN194 of 2017 (fit and proper) and customer due diligence (CDD) of brokers. It provides real-time tracking, monitoring, complaints management and statistics as required for FAIS administration.
Angelique Strumpher, Administration Manager for Business Process Outsourcing at SilverBridge, says the FAISapp is designed to make the FAIS compliance process easier through automation and digital document record-keeping.
"Based on my experience of working in the regulated compliance environment, the FAISapp is ideal for onboarding and managing the different players that the fit and proper outcomes require. The FAISapp keeps detailed records on FSPs, compliance officers, key individuals, reps, and J-reps. This innovative SilverBridge product eliminates manual interventions by ensuring that the access to data and documents is simple and safe. It empowers all players across the value chain," she says.
"There may be in-house solutions built for an FSP's specific needs, but our product is the first software product designed and built to address the end-to-end fit and proper requirements. The subscription-free version gives the user access to the FAIS administration data and the required FAIS reports. The free version also offers free initial access to the Complaints module and the Document Universe; thereafter, it requires a small monthly fee. The payment options offer the FSP the flexibility to manage the cost of administration.
"The FAISapp provides a single view of an individual player in different roles in your compliance structure. It offers a robust solution for complaints management that links to treating the customer fairly (TCF) outcomes; this can further be linked to the representative that sold the product or provided the service."
Many FSPs consider the FSCA's e-portal as an adequate FAIS system of record. Although it is a good starting point, it does not offer the ability to manage the process in a manner that makes sense to an FSP's unique requirements. FSPs need a solution that enables them to operationally track, manage and monitor fit and proper requirements in their own organisation.
"The FAISapp makes the FAIS fit and proper operational compliance process easier from a record-keeping and data management perspective and provides immediate access to information for reporting and auditing purposes. Given its uniqueness in the market, we anticipate a strong demand for the solution," she concludes.