SUMMARY:
FAIS SUPERVISOR - Ready to Redefine the Future of Insurance?
POSITION INFO:
Purpose of the Role:
The FAIS Supervisor plays a key role in supporting the Key Individual (KI) by ensuring that all financial advisors, external agents, or call centre agents—adhere to FAIS Act requirements. The role reports directly to the Head of Legal, but the FAIS Supervisor will be trained and managed by the KI, gaining valuable experience and mentorship to ultimately transition into a future Key Individual (KI) role. The Supervisor will act as the primary line of defence in identifying and addressing any compliance issues within sales practices, ensuring that the KI''s strategic oversight is well-supported with accurate and consistent monitoring.
This role ensures that sales practices across all distribution channels meet legal standards, thereby protecting the company from legal risks and ensuring that all advisors and agents operate ethically and within regulatory boundaries.
The FAIS Supervisor is essential in maintaining the integrity of the supervisory process and ensuring that all agents meet the required competencies to be fully independent.
Role Summary:
As the FAIS Supervisor, you will take on the direct supervision of advisors and agents, regularly evaluating their sales activities to ensure they meet the FAIS Act and other regulatory standards.
Your primary focus will be to ensure that advisors and agents comply with legal requirements, avoid misrepresentation, and protect customers from mis-selling. You will conduct monthly competency assessments, review sales practices, and ensure ongoing compliance, providing the KI with detailed reports and feedback on agent performance. This data will be crucial for the KI to assess agent competency, identify training needs, and determine whether they are ready for independent operation.
You’ll play a key role in maintaining the integrity of the compliance process, ensuring clear communication with both agents and the KI about performance and compliance issues. By thoroughly assessing sales processes, offering coaching, and identifying areas for improvement, you will help the KI mitigate regulatory risks and create an environment where agents can succeed, achieve their goals, and positively impact the lives of our customers.
Benefits:
- The right candidate will have a clear path for growth into a Key Individual (KI) role, with the opportunity to work closely alongside the KI and Head of Legal. This collaboration will provide valuable hands-on experience in compliance leadership and regulatory oversight,
- Ongoing mentorship and training in regulatory compliance, enhancing your skills for future leadership roles
- Competitive Salary
Key Responsibilities:
Regulatory Compliance Oversight:
- Ensure that all call centre agents and advisors adhere to the FAIS Act and other regulatory requirements by monitoring their daily activities, reviewing sales interactions, and confirming that legal standards are met.
Competency Assessments:
- Conduct monthly competency evaluations of agents, assessing their ability to comply with FAIS regulations, demonstrating ethical sales practices, and identifying areas for improvement.
Sales Activity Monitoring:
- Review and evaluate a sample of sales calls and transactions, ensuring compliance with the FAIS Act and preventing misrepresentation or mis-selling. Ensure that agents and advisors meet all legal and ethical sales requirements.
Reporting & Feedback:
- Prepare detailed compliance reports for the Key Individual (KI), summarizing the results of your assessments and feedback on agent/Advisor performance. Provide actionable recommendations for ongoing training and improvements.
Communication with Agents:
- Deliver clear and constructive feedback to agents, outlining areas for improvement and reinforcing compliance standards. Set specific expectations for performance, ensuring alignment with regulatory requirements.
Agent Development & Training:
- Work closely with agents to identify competency gaps and provide coaching to improve performance. Assist in the development of agents so they can eventually transition from supervision to independent operation.
Documentation & Record Keeping:
- Maintain accurate, up-to-date records of all assessments, evaluations, and feedback sessions, ensuring proper documentation for compliance reviews and audits.
- with company compliance strategies, and address any compliance concerns or issues.
Risk Mitigation:
- Identify potential compliance risks and proactively recommend corrective actions to minimize legal exposure. Support the KI in addressing compliance issues and maintaining the company’s reputation for legal and ethical conduct.
Technical Skills:
- Strong understanding of the FAIS Act, compliance requirements, and other applicable financial services regulations.
- High level of proficiency in MS Office, particularly Excel and Word, to analyze data, generate reports, and document compliance activities.
- Skilled in reviewing sales processes to spot any compliance issues and suggest practical improvements.
Soft Skills:
- Strong verbal and written communication skills to effectively provide feedback to agents and prepare detailed compliance for the KI
- A meticulous approach to reviewing sales activities, identifying compliance risks, and ensuring accuracy in reporting.
- Commitment to upholding high standards of integrity and ethical conduct, especially when dealing with sensitive compliance matters.
- Demonstrated capacity for leading, mentoring, and coaching agents while ensuring compliance with regulatory standards.
- Ability to quickly adapt to evolving regulations, processes, and company requirements.
Experience:
- 3+ years of experience in the long-term insurance industry, with a focus on compliance, supervision, or regulatory oversight.
- Call centre experience preferred but not required.
- Proven track record in assessing and monitoring sales performance, especially in relation to compliance standards and regulatory requirements.
- Experience providing coaching, feedback, and performance improvement plans to help agents align with compliance standards.
- Ability to speak multiple languages is advantageous
Qualifications:
- Minimum NQF Level 5 Qualification (FSCA recognized)
- RE 1 / RE 5: Regulatory exams (Beneficial)
- FAIS-Specific Training, Additional FAIS or compliance certifications are highly advantageous to demonstrate a strong grasp of relevant financial regulations.
