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Compliance

Compliance with Legislation

COMPLIANCE WITH LEGISLATION

FAIS Compliance

FAIS regulates how the financial service industry advises and renders intermediary services to clients. In so doing, it protects clients, intermediaries and financial service providers like Shackleton Life. The legal framework of FAIS supports our business model that places you, the client, at the centre of our business. We exist to provide you with comprehensive, affordable products. We distribute our products only through properly accredited financial advisors to help you ensure you have appropriate advice to make informed decisions. We are committed to fairness and transparency in all that we do. FAIS legislation information as well as other compliance requirements and information is available on the FSB website.

FAIS

Financial Advisory and Intermediary Services Act, 2002: “To regulate the rendering of certain financial advisory and intermediary services to clients; to repeal or amend certain laws; and to provide for matters incidental thereto.”

FAIS, is legislation that impacts on the financial services industry and aims to regulate the giving of advice and rendering of intermediary services to clients, as well as certain other issues. FAIS impacts on most financial institutions, financial service providers their representatives (such as advisers, direct sellers) and other staff.

The objectives of FAIS are to:

Protect the clients who use financial services and products Protect the financial services industry Protect intermediaries.

FAIS requires a financial service provider to:

Determine the financial needs of the clients Provide appropriate advice to clients after having established the relevant facts Assist clients to make informed decisions Establish an effective complaints resolution procedure Ensure that intermediaries are competent Ensure that product providers and financial planners act with due care and diligence, and in the interests of the client.

FAIS requires that the Shackleton Life representatives:

Provide clients with trusted and appropriate advice and solutions Act with integrity, transparency and a culture of discipline when dealing with clients Shackleton Life representatives are obliged to document advice-related communications concerning financial services rendered to clients. This will impact on the amount of paperwork required, but ultimately FAIS protects us all. Clients will benefit from the new legislation by: Receiving protection by means of appropriate and trusted advice, integrity and transparency Maintenance of high standards by product providers An effective complaints resolution mechanism Protection through the continued existence of the FSP Proper monitoring of advisers’ and consultants’ actions Record keeping of advice and communication Ensuring that advisers are competent FAIS was effective from 30 September 2004. It is important to note that this date is the same for all financial institutions impacted by FAIS and that, from this date onwards, no FSP may operate without a FSP licence.

FICA

Financial Intelligence Centre Act, 2001: “To establish a Financial Intelligence Centre and a Money Laundering Advisory Council in order to combat money laundering activities; to impose certain duties on institutions and other persons who might be used for money laundering purposes; to amend the Prevention of Organised Crime Act, 1998, and the Promotion of Access to Information Act, 2000; and to provide for matters connected therewith.”

The act has been implemented and applies to any known or suspected money laundering activity or related breach of duty, involving not only employees, contractors, temporary employees, consultants, clients but also shareholders, vendors, outside agencies, and unknown parties. This policy addresses the responsibility of management and employees for: Preventing, detecting, monitoring and reporting confirmed, suspected, detected or prevented money laundering; Client identification and verification (“know your client”); Record keeping; Money laundering control training; Monitoring of accounts, activities, policies, procedures and plans In terms of FICA, all accountable institutions have specific duties to help prevent money laundering. One of these duties is to “Know Your Client”.

Click here to access Shackleton Life’s Conflict of Interest Management Policy.

Useful Links:

Click here for useful links that can assist you to obtain more information on the compliance and information acts as discussed above.

This privacy policy sets out how Shackleton Life uses and protects any information that you give Shackleton Life when you use this website. Shackleton Life is committed to ensuring that your privacy is protected. Should we ask you to provide certain information by which you can be identified when using this website, so that you can be assured that it will only be used in accordance with this privacy statement.

Shackleton Life may change this policy from time to time by updating this page. You should check this page from time to time to ensure that you are happy with any changes. This policy is effective from 1 October 2013.

What we collect

We may collect the following information:

name and job title
contact information including email address
demographic information such as postcode, preferences and interests
other information relevant to customer surveys and/or offers

What we do with the information we gather

We require this information to understand your needs and provide you with a better service, and in particular for the following reasons:

Internal record keeping
We may use the information to improve our products and services
We may periodically send promotional emails about new products, special offers or other information which we think you may find interesting using the email address which you have provided
From time to time, we may also use your information to contact you for market research purposes. We may contact you by email, phone, fax or mail. We may use the information to customise the website according to your interests

Security

We are committed to ensuring that your information is secure. In order to prevent unauthorised access or disclosure, we have put in place suitable physical, electronic and managerial procedures to safeguard and secure the information we collect online.

How we use cookies

A cookie is a small file which asks permission to be placed on your computer’s hard drive. Once you agree, the file is added and the cookie helps analyse web traffic or lets you know when you visit a particular site. Cookies allow web applications to respond to you as an individual. The web application can tailor its operations to your needs, likes and dislikes by gathering and remembering information about your preferences.

We use traffic log cookies to identify which pages are being used. This helps us analyse data about web page traffic and improve our website in order to tailor it to customer needs. We only use this information for statistical analysis purposes and then the data is removed from the system.

Overall, cookies help us provide you with a better website, by enabling us to monitor which pages you find useful and which you do not. A cookie in no way gives us access to your computer or any information about you, other than the data you choose to share with us.
You can choose to accept or decline cookies. Most web browsers automatically accept cookies, but you can usually modify your browser setting to decline cookies if you prefer. This may prevent you from taking full advantage of the website.

Accessibility policy

The Promotion of Access to Information Act, 2 of 2000 gives persons the right of access to information that is required for the exercise or protection of any rights. Access to information will be granted once certain requirements have been met. The Act also requires private bodies, such as Shackleton Life to compile a manual, which will assist people who want to exercise their right to access to information.

We have compiled a manual in terms of PAIA to help you exercise your rights to access the information.

Click below to download our PAIA manual, the prescribed form, relavant fees or to Contact Us.

• PAIA MANUAL
• FORM TO COMPLETE