SUMMARY:
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POSITION INFO:
To accurately and timeously review and process client instructions in line with business rules and legislation, ensuring clients and Financial Advisors experience a professional service which includes ongoing maintenance of the unitholder database, overseeing accuracy of manual processes and internal and external reporting to stakeholders.
KEY RESPONSIBILITIES:
Daily processing of instructions
- Receive and capture information on client instructions accurately and in line with daily deadlines for all transaction types (purchases, repurchases, retirements, debit orders, once-offs, death claims and investment/client changes) ensuring:
- Compliance with business rules and relevant legislation (FICA, POPIA, FATCA, CRS, FAIS, PFA and Insurance Act)
- Instructions are complete and supporting documents received as per checklist and instruction (including signature verification)
- Regular Follow ups with Client Relationship Team for outstanding requirements
- Monitor bank statements to identify cash deposits, rejected monthly income payments, electronic collections, and debit orders and notify Compliance and / or initiate query process with the Client Relationship Team
- Monitor bank reconciliations and follow up on outstanding funds
- Check transactions captured by colleagues to ensure:
- Accuracy
- Supporting documents have been received
- Compliance with Business rules (e.g. proof of bank account, minimum investment amounts and signature verification) and legislative requirements are met (e.g. FICA, POPIA, FATCA, CRS, FAIS, PFA and Insurance Act)
- Front page checking – all data has been accurately captured
- Calculate profit and loss on any back-dated transactions and notify Team Leader and/or 2IC
- Required to learn and understand the requirements of all Solutions products and the Legislation governing each product
Monthly processing
- Regulation 28 compliance checking:
- To ensure investments remain compliant, once debit order totals are balanced, checked and processed
- To ensure all clients in retirement funds are compliant
- Track and report group retirement annuity contributions to Compliance
- Timeous processing of monthly distribution and early income payments, including:
- Sample checks to ensure accuracy of client earnings, dividend withholdings tax calculations, Financial Advisor’s fees, relevant drawdown or reinvestment amounts and income payments
- Financial Advisor commission checking:
- Generate intermediary admin fee report and sample check figures
- Balance payments schedule of Financial Advisor commission for all products prior to commission payments being made
- Check or process PA policy anniversary requirements
Reporting
- Sample check daily reporting and welcome packs for clients and Financial Advisors, thereafter, email reports to clients and notify Services team to print and post daily reporting
- Draft and send correspondence to clients non-compliant with Regulation 28 and monitor to ensure their asset allocations change/switch to compliant within the legislated timelines
- Compile or check monthly and quarterly stats for the Board and the underlying insurer of the living annuity
- Generate, check and email retirement letters to clients invested in retirement funds and notify Services team to print and post letters
- Check quarterly statement figures reflecting in asset allocations, pie charts, activity and distribution summaries as well as tax statements (IT3b, IT3c, IRP5, IT3s) and contribution certificates
- Update systems with SARS prescribed tax rates for living annuity clients and check communication to clients
- Tend to requests for any Ad hoc statements
Query management
- Identify queries and recommend possible solutions through a timeous response
- Ensure accurate, clear and concise communication in line with POPIA
- Assist with internal monitoring by investigating and providing timeous feedback of any irregularities to Team Leader and Compliance Officer
- Maintain a positive working relationship with Client Relationship Team and Operations teams
System and process enhancements
- System requirements or irregularities must urgently be reported to Team Leader and Business Analyst and logged to ensure correction and streamlining occurs
- Assist with system testing for identified requests or tasks
- Assist with maintaining system data integrity which often requires tight deadlines to be adhered to (i.e. if tax uploads to SARS require additional fields, etc)
REQUIREMENTS:
- Candidate must have completed, or currently be completing, an undergraduate degree, preferably in commerce/finance.
- Previous administration experience is required, preferably in Financial Services
- Unit Trust/Retirement Fund background and experience would be an advantage.
- May be required to work overtime from time to time.
- Proficiency in Microsoft Excel, Word and Outlook is necessary
