Compliance Officer - Discovery Central Services

The Financial Advisory and Intermediary Services Centre of Excellence (FAIS COE) is an independent compliance function that provides compliance oversight and advice to Discovery FSPs, key individual and representatives. The purpose of this role is to ensure adherence to regulatory requirements and internal policies related to the effective handling of FAIS client complaints and the fair and legally sound execution of debarment processes within the Financial Services Providers (FSPs). 

This role involves investigating complaints, managing the debarment lifecycle, providing guidance and support and maintaining accurate records to mitigate regulatory and reputational risk. The Complaints team is also responsible for all FAIS related complaints and responses to complaints from the Regulator, Tribunal and complainants.

This role description outlines the general nature and level of work performed by individuals assigned to this position. It is not intended to be an exhaustive list of all responsibilities, duties and skills required. The company reserves the right to modify the content of this role description at any time. 

Areas of responsibility 

The successful candidate will be required, primarily, but not limited to:

General

• Ensure the implementation of the Complaints Management Framework within the Discovery FSPs
• Review all relevant documents such as policies, SOPs, training material, infographics, etc.
• Facilitate the implementation process of the Debarment Policy within the Discovery FSPs
• Receive, log and acknowledge FAIS-related complaints through established channels
• Conduct thorough and impartial investigations into complaints or recommendations for debarments, gathering relevant information from internal stakeholders or clients
• Analyse complaint and debarment details to identify root causes, potential regulatory breaches, and areas for process improvement
• Prepare comprehensive investigation reports with findings, conclusions and recommended solutions
• Ensure timely and appropriate communication with complainants or stakeholders throughout the investigation process
• Facilitate fair and effective resolution of upheld complaints, ensuring adherence to internal policies and regulatory timelines
• Compile the document packs for complaints or debarments as required
• Facilitate the debarment forum and compile the debarment packs or other documentation as required.
• Review the FAIS hearings and Debarments process and enhance efficient way of work where applicable
• Ensure that all relevant documents for the Tribunal Cases are prepared and timeously submitted
• Draft responses to regulator and/or FSCA
• Provide data and information on complaints and debarments for the FAIS reports as required
• Providing guidance into business processes, procedures and systems
• Keep abreast of regulatory developments and changes in the financial services industry, with particular focus on FAIS and all subordinated legislation
• Engage the relevant stakeholders in all complaints and debarments.
• Ensure that all registers are populated timeously with the relevant data
• Maintain accurate and up-to-date records of all complaints, investigation activities and resolutions
• Identify and escalate systemic issues or trends arising from complaints and debarments to relevant stakeholders
• Managing stakeholder relationships (internal and external).
• Liaise effectively with internal stakeholders, including business units and legal, to facilitate complaint investigations and debarment processes
• Build and maintain positive working relationships with the Forensic department and all other stakeholders
• Act as a point of contact for the FSCA and other external stakeholders regarding complaints and debarment matters
• Draft reports for distribution to Exco, business units and Committees on complaints, debarments and trends identified
• Debarments, Complaints and Tribunal matters
• Manage the debarment and complaints mailboxes (check mails daily, save to the relevant folder and update the register and Sharepoint)
• Manage the end-to-end debarment process in accordance with the FAIS Act and internal debarment policy and SOP
• Gather and review information relevant to potential debarment cases, ensuring thoroughness and accuracy
• Draft all necessary documents for the Debarment (such as Notice of Intention to Debar, outlining the grounds for debarment and providing the representative with an opportunity to respond, FAIS hearing process, Tribunal cases and complaints
• Prepare comprehensive debarment packs for presentation to the Debarment Forum or relevant decision-making committee.
• Ensure adherence to procedural fairness throughout the debarment process
• Maintain proper record of all debarment proceedings and outcomes.
• Ensure timely notification of debarment to the FSCA and relevant internal stakeholders
• Ensure the registers are up to date and tracked as a live document.
• Review reports from business units and/or forensic reports and provide recommendations to business
• Conduct FAIS Hearings, Debarments and Debarment Forum (follow process)
• Provide guidance and support on complaints and debarment process
• Reporting and Analysis
• Prepare regular reports on complaint trends, debarment statistics and key risk indicators
• Analyse complaint and debarment data to identify areas for improvement in processes, training and overall compliance
• Ad hoc requests
• Assist with any ad hoc requests from Management

Education and Experience

• 3-5 years’ knowledge and experience in complaints handling and debarments;
• 3-5 years’ experience working for a financial service provider in the application of the FAIS Act as well as thorough understanding of the legislation; and
• Familiarity with regulatory reporting requirements
• Relevant tertiary education (eg., Law, Compliance, Risk Management)
• Post-graduate qualification in Compliance Management, RE1, RE5, etc. (advantageous)
• Member of CISA, Registered Compliance officer with the FSCA (advantageous)

Skills and Personal Attributes

• Detailed knowledge of FAIS-related legislation and regulations to be able to interpret and apply legislation
• Strong analytical and problem-solving skills
• Ability to make rational judgements from the available information and analysis and provide considered and consistent advice
• Strong written and verbal communication skills, including report writing and presentation abilities
• Ability to work as a team, understand the impact of decisions and be confident enough to raise concerns within the team and to senior management
• Strong research ability and high level of attention to detail and accuracy
• Ability to work independently and as part of a team
• Strong ethical principles and a commitment to fairness and impartiality
• Ability to work well under pressure
• Efficient time management skills, including quick turnaround time on quality work
• Proficiency in relevant software and systems (e.g. MS Office Suite, complaints management system)