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South African Compliance Resources

Your all-in-one reference portal for COFI, TCF, POPIA, FAIS, FICA and more

8
Compliance Areas
40+
Official Resources
100%
Up to Date
2025
Current Year
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1. COFI – Conduct of Financial Institutions

Modern regulatory framework focused on fair outcomes, governance, client value & reporting

✨ Key Focus Areas

  • Client outcomes must be measurable and recorded
  • Strong governance & Key Individual accountability
  • Product suitability and target market definition
  • Compliance must be built into systems (not paperwork only)
  • Evidence-based recordkeeping and reporting
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2. TCF – Treating Customers Fairly

The backbone of COFI — all client interactions must produce fair, transparent outcomes

✨ Six Required Outcomes

  • Clients deal with fair firms
  • Products are designed for specific needs
  • Clear & transparent information
  • Product/service meets expectations
  • No barriers to switching/claiming/cancelling
  • Clients treated fairly when things go wrong
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3. POPIA – Data Protection & Privacy

Controls how personal & financial data must be stored, protected, shared, and deleted

✨ What Businesses MUST Do

  • Only collect necessary client data
  • Client must consent before any processing
  • Store data securely — encryption recommended
  • Access logs & audit trails must be kept
  • Breach notification process must exist
  • Data must be deleted when no longer needed
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4. FAIS – Financial Advisory & Intermediary Services Act

Governs how advice may be given & ensures qualified, ethical advisers

✨ Key Requirements

  • Fit & Proper compliance (education, character, RE exams)
  • Advice process must be documented
  • Client disclosures mandatory
  • Advice file MUST contain audit trail
  • Conflict of interest avoidance
  • CPD & competency must be tracked
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5. FICA / AML – Anti-Money Laundering & Client Risk

Required for identifying high-risk clients and suspicious transactions

✨ Required for FICA Readiness

  • Risk-based client classification
  • KYC & source of funds verification
  • Suspicious transaction flagging
  • STR (Suspicious Transaction Report) submission
  • AML training for all staff
  • Due diligence on third parties
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6. Fit & Proper / Competency Tracking

Ensures only qualified advisers and accountable individuals operate in financial services

✨ Must Prove

  • RE exams completed & updated
  • CPD credits tracked annually
  • Performance & ethics assessed
  • Skills matrix for all roles
  • "Key Individual" must accept responsibility
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7. Complaints & Ombud Processes

Required under COFI, FAIS & TCF — MUST have a recordable, trackable process

✨ Key Process Requirements

  • Written complaints policy
  • Response SLA / time limits
  • Written records of resolution
  • Root cause analysis
  • Ombud escalation procedure
  • Insights must feed back into operations
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8. Cybersecurity & Data Governance

Increasingly important — now embedded into POPIA & COFI compliance

✨ Minimum Security Controls

  • Encrypted databases & backups
  • Password & access policy
  • Audit logs for data access
  • Multi-factor authentication
  • Data retention rules
  • Vulnerability assessments

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