The directors, managers and employees of One Insurance Underwriting Managers (Pty) Ltd (ONE) and all ONE Group subsidiary company directors, managers and employees are committed to high levels of integrity and fairness in all business dealings. The Financial Advisory and Intermediary Services Act (FAIS) is integral in protecting consumers and regulates market conduct by financial services providers within the financial services industry. ONE operates a business within the financial services industry and is therefore bound by the requirements of the FAIS Act and affiliated legislation. This policy is aligned with the FAIS General Code for Authorised Financial Services Providers and Representatives Amendment Notice, 2010 and any amendments. All words used in this document adopt the meanings as published in the FAIS Act and its subordinate legislation.
This policy applies to all directors, managers and employees (whether permanent or on contract) of One Insurance Underwriting Managers (Pty) Ltd (ONE) and all ONE Group subsidiary company directors, managers and employees.
Non-compliance with this policy must be escalated to the Compliance Officer and EXCO, who will make a recommendation as to the measures to be taken to mitigate the non-compliance.
ONE’s contractual relationship with all directors, managers and employees, key individuals and representatives prohibits them from entering into any business relationships that may result in a Conflict of Interest situation, where the company or a customer/affiliate may be prejudiced.
The following internal procedures must be followed:
Where there is no way of managing a conflict, or where the measures in place do not sufficiently protect clients interests, the conflicts are to be disclosed in writing to allow clients to make an informed decision on whether to continue using our service in the situation concerned. The disclosure must include all measures taken to avoid or mitigate the conflict, as well as any ownership or financial interest other than an immaterial financial interest that the provider or representative may become eligible for, and finally the nature of relationship with the third party which gives rise to the conflict of interest.