As the pioneer in umbrella Financial Services Provider (FSP) licensing for motor dealers we developed a financial services compliance solution specifically for motor dealers who sell insurance products. Our compliance solution was developed with a motor dealer’s core business in mind but at the same time also with all the legal requirements necessary for earning secondary income by selling insurance products to buyers of vehicles.

Most dealers opt for the Insurancewise umbrella option either because they don’t want to get their own license and deal with all the costs, administration and responsibilities that go along that choice, or otherwise they are in the process of obtaining their own licence and in the interim need an umbrella licence under which they can temporarily safeguard their business.

In terms of the Insurancewise compliance solution the dealer is appointed as a juristic representative of Insurancewise. The benefits of being a juristic representative of Insurancewise include –
 

• No requirement to file an annual Financial Services Board (FSB) compliance report;

• No requirement to file an annual financial report. This is the sole responsibility of the FSP as the provider. A juristic representative is not required to comply with the financial soundness requirements imposed on providers in terms of Part IX of Board Notice 106 of 2008. This means that the juristic representative does not have to have assets that exceed its liabilities at all times;

• The unlimited use of our standardised Financial Advisory and Intermediary Services Act compliant disclosure documentation, policies and procedures;

• A dedicated compliance solution provider to ensure that all legislative amendments are communicated;

• No need to have your own FAIS compliance officer;

• No need to have your own FICA compliance officer;

• Dispute resolution systems in place;

• Conflict of interest mediation services;

• Ethical decision-making training and guidance;

• And many more
   

Of particular importance are the legal requirements laid down for complaint resolution. Clearly, legal knowledge is required to deal with complaints. If you have your own license you have to comply with all of the onerous requirements whereas if you fall under the Insurancewise license we take care of the entire matter. All you do is forward the complaint to us.

Our uncomplicated and streamlined motor dealer compliance solution is available to you at a subscription fee of
R 600-00 per month payable by debit order.

For further enquiries email
comply@autofi.co.za
 

>> Juristic Rep Mandate 30th July 2011 <<

>> Debit Order Form <<