REGSERV has resources, methodologies and a fully operable compliance system in place to:

  • meet the required standards related to the Independent Compliance Officer [ICO] selection criteria factors;
  • integrate the compliance process into the FSP client`s practice to the point that it becomes a standard practice to everyone within the FSP. The compliance process should encompass:
    • achieve and maintain compliance readiness
    • achieve and maintain TCF readiness
    • implement and maintain compliance risk management plan
    • ongoing compliance and risk management monitoring
    • compliance reporting to FSP and FSB
  • perform the prescriptive operational compliance tasks agreed upon with the FSP such as site visits by a REGSERV compliance officer;
  • handle ongoing compliance related issues which require interaction with the FSB as and when required such as:
    • profile changes;
    • submit FSB required audit reports, FSP financial statements, etc.
  • assist Management of the FSP client to compile and implement a Compliance Policy Statement and related policies & procedures such as Risk Policy, TCF Policy, FAIS and FICA compliant client transaction procedures/documentation, etc. REGSERV will oversee the implementation of these policies & procedures to ensure that all staff of the FSP follow and apply them.
  • regular reporting by REGSERV to Management of each FSP client to ensure they are aware of:
    • the regulatory requirements impacting on the FSP`s business;
    • changes to those regulatory requirements;
    • implications that these regulatory requirements have on the business practices of the FSP; and
    • implications for the FSP of non-compliance with those regulatory requirements.
  • Do staff training on compliance related matters as and when needed: FICA training, etc.

The Service Level Agreement [SLA] between REGSERV and each FSP client provides a basis for the client to monitor, measure and assess the REGSERV service delivery standards.

An outsourced compliance relationship cannot work in isolation if it is to ensure the successful meeting of regulatory requirements. REGSERV places a high premium on the management of its relationships with stakeholders. Management and the External Auditors and any delegated internal compliance officials of each FSP client are just a few examples of such stakeholders

read more