The financial services industry has changed dramatically over the past 20 years, with more of a focus put on compliance to ensure that clients are better protected against non-regulated business and fraud. To this end, South Africa has regulators such as the Financial Services Board (FSB) and legislation such as FAIS in place to promote and maintain a sound financial investment environment in the country.
The Financial Services Board is an independent institution established by law to oversee the South African Non-Banking Financial Services Industry in the public interest. The FSB is primarily concerned with ensuring the fair treatment of consumers by the financial services industry and with promoting the integrity of financial markets and institutions.
FAIS, the Financial Advisory and Intermediary Services Act, is legislation that focuses on the financial services industry with the aim of regulating advice and services offered to clients.
At Warwick, it is of the utmost importance that our clients are protected and we go above and beyond what is required of us by law and industry best practice. It is Warwick’s mission to be renowned as the most compliance-oriented private client company in South Africa. To this end, we have a multidisciplinary internal compliance team in place with specialist knowledge in law and extensive expertise in the financial services industry.
Rodney Reid, Director of Compliance at Warwick, brings close to 50 years of financial services experience to the team. Despite his incredible wealth of knowledge, Rodney constantly seeks to educate himself and his colleagues on new developments in the field of compliance.
“You’re never too old to learn and I learn something new every day,” he explains.
According to Steve Moran, our Compliance Officer, compliance does not sit in a lofty tower at Warwick – it is integrated into company culture and everyday business.
“Essentially, nothing happens within Warwick without compliance reviewing it,” Steve says.
Warwick’s internal compliance team collaborates at every level of the group to identify regulatory risks, provide advice on how to protect against these risks, monitor the effectiveness of these controls, and resolve compliance issues as they occur.
Warwick also has external independent parties involved in monitoring and managing our level of compliance. Compli-Serve South Africa acts as our independent external compliance officers. They are privy to all our internal rules and regulations and they also do quarterly audits on all of our paperwork to ensure we are fully compliant.
According to Marc Wiese, Managing Director of Warwick Operations, this risk adverse approach to compliance is integral to our company ethos.
“We are long-term investors who are defensively structured and diversified within all the different sectors to ensure our clients never face massive risk. We realise that in many cases, the retirement monies with Warwick are the only funds that these clients have for the rest of their lives and it is of the utmost importance that these are prudently invested. We only trade in blue chip stocks and do not deal with any unregulated institutions in terms of funds under management,” he explains.