Senior Compliance Specialist

SUMMARY:
Senior Compliance Specialist

POSITION INFO:

The primary purpose of the Fund Compliance Specialist function, as a second line of defence, is to embed and promote a compliance culture within the EB Company and toprovide assurance to the Board, Executive Management, Head of Legal, Risk and Compliance and relevant committees on the level of compliance within the business and to assist in achieving the Legal, Risk and compliance unit''''''''s mandate in providing assurance on the regulatory risks and controls within EB as well as to highlight and mitigate compliance risk exposure within the business.

Candidates at a Senior level with B Proc or equivalent legal qualifications

Admission as an Advocate or Attorney of the High Court of South Africa will be an advantage

• Detailed knowledge of Financial Services (preferably in the Retirement Fund Industry) and its regulatory environment
• An in-depth knowledge and understanding of various statues within the EB Industry including but not limited to the Pension Funds Act, Long-Term Insurance Act, Financial Advisory and Intermediary Services Act and subordinate legislation etc
• Litigation skills and experience
• Good presentation skills (including communication  and negotiation)
• Good excellent communication skills

• The Fund Compliance Specialist, in conjunction with the Head of Legal, Risk and Compliance, will be responsible (but not limited to the following 

  • Drafting and submitting to the Trustees for signoff and to the FSCA for registration and approval, main rules, special rules and rule amendments for selected Funds under the client''s administration
  • Amend Service Level Agreements and related documentation in line with approved rule amendments, where applicable.

  Once registered and approved, communicate rule changes to the Business, Trustees and other stakeholders if and when required

• • Ensure that in respect of selected Funds under the client''s administration, complaints, queries and enquiries from the office of the Pension Fund Adjudicator, the FSCA, external attorneys and Fund members are properly investigated and responded to timeously.  This is to be done in accordance with the legislation,  rules, policies, administration procedures and the service level agreements applicable to the Funds in question
  • Monitor relevant mailboxes on a daily basis to ensure that all complaints, queries and enquiries are captured and complied with, in particular, complaints and determinations issued by the Office of the Pension Funds Adjudicator.
  • Produce monthly and quarterly reports on all complaints, queries and enquiries in respect of the selected Funds under the client’s administration for purposes of board and sub-committee meetings
  • Ensure that all complaints, queries and enquiries from the office of the Pension Funds Adjudicator, the FSCA, external attorneys and Fund members are captured and maintained on the RESPOND case management system and further ensure that proper controls and record keeping of all complaints, queries and enquiries  are kept and are up to date
  • Investigate ,analyse and monitor escalations and complaints. Report trends and implement preventative measures thereof with a view to ensure that complaints-related complaints, queries and enquiries are reduced.
  • Identify, develop, enhance document and make proposals to implement policies, procedures and processes that are relevant to the Complaints Resolution function
  • • Ensure that claim forms are completed and submitted timeously to business rescue practitioners and liquidators for the recovery of arrear contributions, late payment interest and other claims that Funds may have against terminating employers
    • Liaise with business rescue practitioners and liquidators, resolve queries and attend to all related administrative matters in respect of terminating employers, on behalf of selected Funds under the client''s administration
    • Produce monthly and quarterly reports on Employers that are under business rescue and/or in liquidation in respect of selected Funds under the client''s administration for purposes of Board and Sub-Committee Meetings
    • Attend to all administrative matters, in conjunction  with the Administration Department, in respect of participating Employers (or Funds, if applicable) that are to be liquidated in terms of Section 28 of the Pension Funds Act, including liaising with the FSCA and liquidators appointed by selected Funds under the client''s  administration
    • • Assist the Boards of the Umbrella Funds under the client''s administration with governance requirements to ensure compliance with regulatory requirements, if and when required.
      • Produce monthly and quarterly reports to the Boards of selected Funds on relevant Compliance and Risk Management matters per agreed procedures and templates
      • • The EB Company compliance framework and policies are properly embedded and implemented in the business
        • There is regular reporting on compliance breaches and progress on mitigation and management plans
        • Regulatory information is submitted to the FSCA as and when required, including details of participating employers in the Umbrella Funds under the client''s administration
        • The EB Company continues to adhere fully to the SLA''s with all the Funds under their administration and to the regulatory requirements
        • Ensure that the Company remains proactive by staying abreast on of issues relating to the Fund''s SLA and non-SLA compliance issues thereby avoiding "nasty surprises".
        • Conduct monitoring within the EB Company and Funds under their administration on the impact of legislation regulations and regulatory practice notes as per the annual Compliance Monitoring Plan.
        • Compile monitoring reports following reviews and discuss findings as well as recommended action plans within the Compliance Manager and relevant departments within EB.

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