FSP Compliance Plan
A practical action plan to help Financial Services Providers stay aligned with FSCA and FAIS requirements.
Why a Compliance Plan Matters
Every Financial Services Provider (FSP) in South Africa must follow a structured compliance plan to meet the Financial Advisory and Intermediary Services (FAIS) Act and Financial Sector Conduct Authority (FSCA) requirements.
TTCS supports FSPs with a clear, actionable plan that covers licensing, fit and proper requirements, risk management, complaints, reporting, and ongoing compliance monitoring.
Compliance Plan
1. Licensing & Registration
- Ensure valid FSCA license
- Notify FSCA of changes to Key Individuals, reps, or services
2. Fit & Proper Requirements
- Conduct background checks
- Ensure qualifications & CPD compliance
- Maintain financial soundness with audited reports
3. Representative Management
- Register new reps with FSCA
- Supervise under-supervision reps (monthly logs)
- Keep Rep Register updated quarterly
4. Training & CPD
- Onboarding training (FAIS, TCF, FICA, products)
- Track annual CPD hours per rep
- Deliver TCF awareness training yearly
5. Policies & Procedures
- Maintain internal policies (Conflict of Interest, Complaints Handling, Recordkeeping, AML/FICA, POPIA)
- Review annually, signed off by Key Individuals
6. Complaints Management
- Maintain a complaints register
- Resolve within 6 weeks
- Submit annual complaints report to FSCA
7. Risk Management & Monitoring
- Conduct quarterly internal audits
- Update risk register continuously
- Review risks bi-annually
8. Reporting to FSCA
- Annual compliance report
- Financial statements (within 4 months of YE)
- KI & Rep updates as required
9. Treating Customers Fairly (TCF)
- Monitor all 6 TCF outcomes
- Use client surveys, advice reviews, and marketing audits
10. Recordkeeping
- Maintain all records for 5 years
- Ensure secure digital/physical storage
11. Technology & Data Protection (POPIA)
- POPIA-compliant data processes
- Access control by role
12. Business Continuity Plan (BCP)
- Backup systems and recovery tested annually
- Staff awareness and emergency procedures
The TTCS Advantage
Trusted
FSCA-approved and backed by proven industry expertise.
Comprehensive
End-to-end solutions across compliance, risk, licensing, and training.
Efficient
Streamlined processes that save you time and reduce stress.
Proactive
Anticipating regulatory changes and preparing your business for the future.