Features

Four years ago, Absa Brokers developed an integrated IT solution to take care of its compliance requirements around the financial planning advice its brokers provide to clients. In terms of current financial legislation and regulations, records of all advice given around investments, estate planning, retirement funding and so on must be kept for five years after the product has matured.

In order to comply with both FAIS (Financial Advisory and Intermediary Services Act) and FICA (Financial Intelligence Centre Act), a system was needed, and one was thus developed. In order to enforce compliance, it is mandatory that this customised solution is loaded onto all broker computers.