Job Classification
Requisition - 136513 - Melissa Cloete
Cluster - Nedbank Wealth Cluster - Nedbank Wealth Management SA Division
Location - Johannesburg & Cape Town
Closing Date - 01 November 2024
Please Note - Preference will be given to applicants from Underrepresented Groups
Job Purpose
An Advice Quality Assurance Officer will be responsible for conducting compliance checks (as first line of defence) on all new advice business provided by the authorised representatives of Nedgroup Private Wealth (Pty) Ltd (FSP 828), Nedbank Financial Planning (FSP 9363) and Nedgroup Financial Advisers (FSP 48771), by following an agreed checklist to ensure documentation has been fully completed (monitoring and analysing regulatory risk indicators associated with FAIS, Market Conduct etc.) to ensure clients are not signing blank forms and to ensure adherence with internal standards and external regulatory requirements.
This will assist in ensuring and maintaining a high-quality of standards and in so doing reduce client complaints and protect our:
FAIS licenses
Advisers
Clients
Job Responsibilities
Review and approve all client regulatory operational risks associated with FATCA and Common Reporting Standards (CRS), FICAA requirements, and AML, CFT, and Sanctions.
Familiarity with South African legislation and regulations: Financial Advisory and Intermediary Services (FAIS) Act, Financial Intelligence Centre Act (FICA), Protection of Personal Information Act (POPIA).
Meticulously review all advice-related documentation such as Records of Advice, Financial Plans, Wealth Plans, and supporting documentation before any new advice business is processed.
Ensure cases that qualify for Large Case Review Forum are indicated as such to the Advice Principal.
Record and report any deviations or defects in the advice quality assurance process to the Advice Specialists and Head of Advice.
Investigate and assess alerts relating to potential money laundering risks and sanctions.
Perform a reasonability test on all clients for tax obligations reporting.
Improve personal capability and stay abreast of developments in the field of expertise.
Support personal growth and enable effectiveness in performance of roles and responsibilities.
Job Responsibilities Continue
Analyse and review information to ensure accuracy and correct processes followed.
Conduct compliance checks on all new advice business to ensure compliance with the financial planning process and external regulatory requirements.
Maintain and update advice quality assurance policies, processes, and procedures.
Stay updated on industry trends and regulatory changes to continuously improve processes.
Collaborate with cross-functional teams to develop and implement corrective actions.
Review customer complaints and implement appropriate corrective actions.
Respond to queries from stakeholders to ensure client regulatory operational risks are managed.
Provide support to the Advice Specialist and Advice Governance Specialist.
Build internal credibility by ensuring that direct reports are a high-performance team.
People Specification
Excellent analytical and problem-solving skills.
Strong attention to detail and a commitment to accuracy.
Effective communication and interpersonal skills.
Ability to conduct training sessions.
Good understanding of compliance issues.
Good time management skills.
Proficiency in Microsoft Word, Excel, Teams, and Outlook.
Essential Qualifications
Diploma in Financial Planning, Commerce, or Law.
Matric / Grade 12 / National Senior Certificate.
Preferred Qualification
Degree – preferably a BCom with specialisation in financial planning, commerce, or a law degree.
Preferred Certifications: CFP, FAIS (RE5).
Minimum Experience Level
3 years working experience in the wealth management or private wealth environment.
Technical / Professional Knowledge
Administrative procedures and systems.
Business Acumen.
Governance, Risk and Controls.
Relevant Nedbank policies and procedures.
Relevant software and systems knowledge.
Analytical Skills.
Products and Services.
Behavioural Competencies
Decision Making.
Quality Orientation.
Managing Work.
Building Partnerships.
Influencing.
Continuous Improvement.
Please contact the Nedbank Recruiting Team at +27 860 555 566
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