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FICA compliance for IFAs and FSPs

Masthead’s comprehensive approach to FICA compliance enables independent financial advisors (IFAs) and financial service providers (FSPs) to tick all the relevant boxes.

FICA compliance has broadened and become more complex in recent years. Besides implementing and following a risk-based approach in your business, you need control measures to manage and mitigate the risks. All of this must be documented in your FICA Risk Management and Compliance Programme (RMCP). Furthermore, should the FSCA request a FIC inspection, you and your FSP need to be prepared.

We assist hundreds of IFAs and FSPs to confidently operate a FICA-compliant business. We achieve this through our RMCP implementation, FIC inspection preparation, FICA training and webinars.

Implementing RMCP in your FSP  

We can help you customise and implement a FICA RMCP in your business. Our professionals have in-depth knowledge on the FIC Act and are experienced in implementing FIC requirements in businesses.

Preparation for FIC inspections 

FIC inspections are intense and lengthy processes that the FSCA conducts on behalf of the FIC. We assist FSPs to prepare for these inspections and can provide onsite support during inspections.

Online FICA training

Our FICA training for FSPs and IFAs will ensure that you understand your responsibilities in terms of the FIC Act. FSPs and IFAs are required to give their employees ongoing training on FICA in order to comply with current regulatory requirements. You also need to ascertain employees’ level of understanding after the training and retain evidence of the training. Our FICA Online Course fulfils these requirements. This is because employees can learn the requirements of the FIC Act at their own pace, while the interactive quizzes assess their understanding.

Webinars to guide you through your FICA requirements

We host webinars to help guide you through all the elements that need to be included in your FICA RMCP, help prepare you for a FIC inspection and get a good understanding or the requirements.

What clients say about our FICA compliance services

“In April 2020, the FIC conducted an off-site inspection of our FSP’s compliance with the provisions of the FIC Act by means of a desktop inspection questionnaire.

Masthead’s assistance ensured an efficient inspection process and the ongoing assistance during the year led to our FSP being and remaining compliant with the relevant sections of the FIC Act. Thank you Masthead.”

– Jo-Anne Swart | Baker Tilly Greenwoods

Any questions?

If you have any FICA-related questions for your FSP, please feel free to ask us. We will gladly assist you. If you would like us to assist your business with FICA compliance, FIC inspections or FICA training, please contact us.

MASTHEAD IS

A national supplier of risk management services to independent financial advisors and other licensed financial service providers (FSPs). Established in 2004, we help our clients overcome their risk management challenges so they can grow and thrive in an increasingly regulated industry. Providing professional guidance and practical support, our team of specialists is passionately committed to delivering tangible solutions.

Why Masthead?

CONTACT US

Phone:

021 686 3588

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