SUMMARY:
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POSITION INFO:
Purpose of the Role:
The FAIS Supervisor plays a key role in supporting the Key Individual (“KI”) by ensuring that all
external agents, quality assurance agents or call centre agents adhere to the requirements as
provided for in the Financial Advisory and Intermediary Services Act (“FAIS”). The role reports
directly to the Head of Legal and Compliance, though the FAIS Supervisor will be trained and
managed by the KI, gaining valuable experience and mentorship with a view to ultimately
transition into a future KI role. The Supervisor will act as the primary line of defense in
conjunction with the Quality Assurance Team in identifying and addressing any compliance
issues within sales practices, reviewing the effectiveness of the Quality Assurance processes,
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 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 agents, regularly evaluating
their sales activities to ensure they meet the FAIS requirements and other regulatory
standards.
Your primary focus will be to ensure that 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 make informed decision.
You will 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 KI role, with the opportunity to
work closely alongside the KI and Head of Legal and Compliance. This collaboration will
provide valuable hands-on experience in compliance leadership and regulatory oversight. - Ongoing mentorship and training in regulatory compliance, enhancing skills for future
leadership roles.
Key Responsibilities:
Regulatory Compliance Oversight:
- Ensure that all call centre agents adhere to the requirements in FAIS and other regulatory
requirements by monitoring their daily activities, reviewing sales interactions, and
confirming that legal standards are met.
Competency Assessments:
- Development of Supervision Plans for each agent requiring supervision.
- Conduct monthly competency evaluations of agents, assessing their ability to comply with
FAIS requirements, 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
FAIS and preventing misrepresentation or mis-selling. Ensure that agents meet all legal
and ethical sales requirements.
Reporting and Feedback:
- Prepare detailed compliance reports for the KI, summarizing the results of your
assessments and feedback on agent 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 and 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 and 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
minimise 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 FAIS, compliance requirements, and other applicable financial
services regulations. - High level of proficiency in MS Office, particularly Excel and Word, to analyse 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,
Team Leaders, Supervisors, and preparation of detailed compliance reports 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 and understand multiple languages
Qualifications:
- Minimum NQF Level 5 Qualification (FSCA recognised)
- 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.
