FAIS Practice : 48385
Compliance Practice : Etude
FSCA Practice Number : 48385
Company Registration Number : 2016/049994/07
VAT Number : 4380280018
External Compliance : Etude
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Treating Customers Fairly – Financial Sector Conduct Authority
The Financial Sector Conduct Authority (“FSCA”) published it’s “Treating Customers Fairly (“TCF”) Roadmap” as a step towards achieving TCF fairness outcomes and culture framework requirements. In particular, the FSCA requires firms to measure their activities against six TCF fairness outcomes (the “Outcomes”) that aim to reduce market conduct risks and protect consumers of financial products:
- Outcome 1 (“Culture”): customers are confident that they are dealing with a financial services provider where the fair treatment of customers is central to it’s culture;
- Outcome 2 (“Products and Services”): products and services marketed and sold in the retail market are designed to meet the needs of identified customer groups and are targeted accordingly;
- Outcome 3 (“Clear and Appropriate Information”): customers are given clear information and are kept appropriately informed before, during and after the time of contracting;
- Outcome 4 (“Customer Advice”): where customers receive advice, the advice is suitable and takes account of their circumstances;
- Outcome 5 (“Product Performance Expectations”): customers are provided with products that perform as firms have led them to expect, and the associated service is both of an acceptable standard and what they have been led to expect;
- Outcome 6 (“Post Sale Barriers”): customers do not face unreasonable post-sale barriers to change product, switch provider, submit a claim or make a complaint.
Osprey Underwriting Managers (Pty) Ltd., fully supports the FSCA’s TCF Outcomes, to the extent relevant to our business and our role in the investment product value chain. Most of the principles that support the Outcomes, as reference above, are expressed in our Values.
We will put a process in place whereby we periodically evaluate ourselves against the Outcomes and we will always strive to improve the manner in which we live and/or evidence our adherence to the TCF principle. The TCF principles are a business imperative embedded in our strategy, governance and daily processes.
Protection of Personal Information
With South Africa’s Protection of Personal Information Act (POPIA) officially coming into effect as of 1 July 2021, Osprey Underwriting Managers Pty Ltd is committed to ensuring and complying with data protection requirements and supporting all data protection laws.
Osprey Underwriting Managers (Pty) Ltd takes the Act very seriously and we are implementing its principles across the business. We have prioritised full compliance and will continue to do so from and beyond July 2021. The following measures are some of the key areas of focus:
- Updating any relevant, existing documents and amending contracts with all intermediaries and partners.
- Complete risk assessments to ensure that your data remains protected.
- Educating our employees on POPIA compliance and creating awareness.