The role is a pivotal role in managing both the Operations and Compliance with this SME Financial Services Provider.

It is assumed that the Compliance and Operations Manager is not authorised to give investment advice, that the Financial Planning practice comprises one or more of the following:
Financial Planners who are Professionally qualified ( CFP or higher )
Para-planners
Administrators
It is important that the Financial Planners, Para-planners and Administrators work well together as a strong team, offering assistance to clients irrespective of whether or not the Financial Planner is available. The Compliance and Operations Manager is a key role to ensure that the rules of engagement throughout the business at all levels are implemented as designed.
Compliance Job Role
The Compliance role may be broken down into five key parts:
Preparing and maintaining the Company compliance file.
Training Wealth Managers (Financial Planners) and Para-planners in company compliance practices.
Prepare quarterly and annual review tasks for external compliance.
Keep abreast of all new compliance requirements being issued by the FSB and communicate such throughout the company. Perform compliance checks on all customer files in order to ensure compliance rules set by the company/FAIS are adhered to.
Preparing and maintaining the Company compliance files:
Generally the Compliance manager should in conjunction and with the help of the outsourced compliance managers ensure that the companies compliance files are completely up to date at any one time.
Key items to be keep up to date are as follows:

RISK:
Strategic risk plan
Business Plan
Corporate governance
Service Level Agreements
FSB:
General communication
Newsletters
Profile changes
Reports
FSB Annual
Financial
Auditors
FAIS PROCEDURES
General
Advertising
Conflict of interest
Complaints
Direct marketing
Fit and proper affidavits
Recruitment policy
Key individuals: Duties
Key Individuals: Assessment
Duties of the representatives
Juristic Representatives
o Agreement
o Mandate
Section 13 certificate
Supervised Service o Procedure
o Performance Appraisal
Reinstatement
Replacement DOCUMENTS:
File code of conduct audit
Client file document register
Statutory Disclosures
Authority to obtain information
Broker appointment
Client Mandate
Record of advice
Replacement Advice Record

REGISTERS:

register : representatives and key individuals
register: FAIS training
register: FICA training
register: fit and proper credits
register: complaints
register: non-compliance
register: non-cash incentives/ gift/ conflict of interest
register: new business TRAINING GUIDE

FAIS
FICA
FICA
Internal Rules
Politically Exposed Persons (PEP policy)
Reporting officer ID and contact details
Guidelines

LEGISLATION FAIS

Ombud rulings
FAIS Act
Code of conduct
Fit and proper
Regulations B. Training:

Explain the compliance pack and all the various compliance forms that are required to be filed out in each client pack
Explain the compliance process and how each client case is checked and processed.
Demonstrate a practical example of the various types of clients the company has to the new staff member
Test the new staff member by asking them to complete a full pack of your choosing and marking it against a perfect compliant case.

C. Preparing quarterly and annual Compliance Reviews:

Prepare responses to each request made by the compliance officer
Client file retrieval for audit
Internal audit performed as a double check
Implementing any changes in legislation provided and any recommendations by compliance officer.
Clearing any and all queries in a timely fashion

D. Keep abreast of all new compliance requirements being issued by the FSB and communicate such throughout the company.
Act as main point of contact with regards to all compliance regulations
Ensure all new compliance requirements issued by any relevant body are communicated to all staff and that all staff and are trained to implement the same.
Ensure all staff legally comply to all compliance requirements
Initiate and maintain training in skills and compliance requirements across the company.

Operations Job Role

The Operations role may be broken down into five key parts:

Preparing and maintaining the Commission Files.
Weekly operations meetings.
Supplier Maintenance.
Ad hoc requests.
Monthly Reporting.
A. Preparing and maintaining the Commission files:
The Operations Manager is responsible for preparing the commission input by reconciling the amounts received from the various product suppliers who pay us commission initially to the company bank accounts.
The calculation for each line item from each supplier (investment platforms, banks, insurance companies, trust companies, forex suppliers, fund managers and any other such commission payers) needs to be recalculated and checked by the Commission preparer in order to ensure that the correct amount has been paid., Such check needs to be evidenced line by line on the suppliers commission statement detailing the calculation thereon and signed off by the Op’s Manager.
Once the commission calculations have been agreed as correct then such is to be entered into the Bias commission application in the splits as per the signed off case. The standard company case splits needs to be adhered to as much as possible
The commission run needs to be printed and provided to the Managing Director for checking and sign off before it is handed to the Financial Controller for payment.
Once a month a reconciliation has to be performed after month end on a line by line basis per client from the Client Case Tracker to the latest suppliers’ statements. The first step is to update the tracker with the latest month to date AUM per client, per fund. Such can be gathered from the clients’ statements / Seed reports. Once updated the commission calculation needs to be done to calculate what reasonably is due. The rules for each supplier then needs to be applied as to when each supplier makes payment (either monthly, quarterly, 45 days after quarter end etc.). The calculated amount is then entered into a month due column. Such month due column must then be ticked off against the amount paid. If any amount is not paid it must then be claimed by formal email from the supplier.
Ensure that all forex receipts are processed correctly and timely in order to ensure timely processing of fortnightly commission runs. Ensure that the best possible rate is obtained through forex banking partners by facilitating such through managing director and bankers.
B. Weekly operations meetings;
The minutes of each weekly meeting must be taken, maintained and distributed by the Ops Manager
Action items need to be followed up by the ops manager to ensure completion on time
AUM - needs to be tracked and updated on a weekly basis. Sales trackers are to be in by the end of each
week. Ops manager to ensure the same
AUM reports to be distributed weekly to MD and key members of shareholders management.
C. Supplier maintenance:
Preparation and maintenance of all terms of business with various suppliers.
Arrangement of regular update and training meetings with the suppliers.
Relationship management in order to ensure supplier support and maintenance of suppliers support to staff
and for ease of processing files.
Implementing any changes in suppliers set ups provided and any recommendations by suppliers to all staff are communicated in a timely fashion. • Clearing any and all queries in a timely fashion with suppliers and directing the queries accordingly.
D. Ad hoc requests
• Act as main point of contact for ad hoc requests and reports as required.
E. Monthly Reporting

Key skills/Experience required
Essential
Understanding of the Financial Planning process
Able to work within defined business processes
Ability to achieve agreed outcomes without supervision
Prioritise and plan own workload
Detailed and accurate
Articulate
Excellent inter-personal skills, both written and verbal
Ability to multi-task and prioritise effectively
Good IT skills
Good report writing skills
Ability to work independently and in a team
Desirable
Broad knowledge of financial services world
High level of technical knowledge
Qualifications - Essential:
• BComm
Desirable
Experience and/or diploma in :
Taxation
Trusts
Investments
Other technical areas (Pensions, Long-term Care)
Financial planning
Package
Variable based on experience
A basic salary plus bonus is on offer