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Navigating Outcomes (Risk-Based) Supervision: COFI and OMNI-CBR

Early preparation can safeguard your business and ensure regulatory compliance


What is COFI?

The Conduct of Financial Institutions (COFI) Bill aims to transform the financial industry by consolidating and streamlining conduct requirements across various financial sector laws. This new framework seeks to create a unified and robust market conduct standard for institutions involved in financial activities, ensuring better compliance and customer protection.

What is Omni-CBR?

Omni-CBR (Conduct of Business Return) is the new off-site monitoring tool being introduced by the Financial Sector Conduct Authority (FSCA). It is set to revolutionise the way financial service providers (FSPs) report and adhere to regulatory standards and a step towards outcomes-based supervision. Omni-CBR will offer a data-driven approach to regulatory compliance and is expected to roll out before COFI is fully implemented.

The Benefits of Acting Early on COFI and Omni-CBR Compliance

The principles that underpin the concepts found in COFI and Omni-CBR allow FSPs to gain a clear and accurate view of the performance of the business. Information like claims, complaints, new business and marketing and distribution data are key performance metrics, information which can be used to drive increased performance and profitability. With COFI and Omni-CBR poised to reshape the financial services landscape, it is crucial for FSPs to act early. By preparing in advance, FSPs can effectively leverage their business data to ensure an early advantage and seamless transition, minimising operational disruptions. Early action allows for a comprehensive assessment of your business, the identification of potential risks and the implementation of corrective measures before the full rollout of COFI and Omni-CBR.

How Masthead Can Support Your Transition to COFI and Omni-CBR

Streamlined Compliance Audits

The Treating Customers Fairly (TCF) Outcomes are a fundamental component of the COFI framework. To help our clients prepare for this shift, the team at Masthead has tailored our compliance audits to align with COFI’s TCF requirements.
Our updated audits also integrate data collection and outcomes-based discussions, ensuring your readiness for both COFI and Omni-CBR.

Enhanced Outcomes-based Monitoring

Omni-CBR will require FSPs to identify and collect data on key conduct indicators in their businesses and report their findings to the FSCA regularly. Masthead is assisting members by identifying crucial business data and implementing best practices to meet Omni-CBR’s reporting requirements. This proactive approach allows you to address potential compliance gaps early, ensuring a smooth transition when Omni-CBR is fully operational.

New Licensing Requirements

We continuously monitor developments related to COFI’s new licensing framework, ensuring that we provide timely guidance and support as you transition to the new requirements.

For assistance with a smooth transition to COFI and Omni-CBR, get in touch with us.

COFI Resources to Help Understand the Change

Decoding COFI Articles

Not sure how the COFI Bill and Omni-CBR will impact your business? Our Decoding COFI article series offers expert insights and practical guidance on navigating the COFI Bill and Omni-CBR. Our compliance and regulatory specialists provide updates and actionable steps to help you adapt to the new regulatory landscape with confidence.

Mastering Compliance

Subscribe to our Mastering Compliance newsletter to get monthly updates on COFI, Omni-CBR, regulatory news and insightful articles delivered straight to your inbox.

Stay informed and ahead of the curve with expert insights and the latest news in compliance.

Regulatory Library

Access the latest regulatory documents, news and announcements in our comprehensive regulatory library. Stay up to date with key legislation, including the COFI Bill and Omni-CBR, and gain valuable insights into compliance for FSP

For more information or assistance, please get in touch with us. We’re here to help you successfully transition to the COFI regulatory framework and Omni-CBR.

WHO ARE WE

Established in 2004, Masthead (Pty) Ltd offers nationwide compliance and business support to independent financial advisors, corporate FSPs, credit providers, legal and property practitioners, and others. We help our clients navigate key regulations like FAIS, FICA, POPIA, and the National Credit Act. With a team of experts, we provide practical solutions across compliance, practice management, and business development to help businesses stay compliant and thrive. Masthead (Pty) Ltd is part of the Masthead Group, alongside Masthead Financial Planning (Pty) Ltd – a licensed FSP dedicated to supporting financial advisors with streamlined operational and regulatory solutions.

Why Masthead?

CONTACT US

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021 686 3588

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