means a company under the Companies act, 1973 (Act no. 67 of 1973) as amended
“conflict of Interest” means any situation in which a provider or a representative has an actual or potential interest that may, in rendering a financial service to a client, –
“Fair value” means any cash, cash equivalent, voucher, gift, service, advantage, benefit, discount, domestic or foreign travel, hospitality, accommodation, sponsorship, other incentive or valuable consideration, other than –
“immaterial financial interest” means any financial interest with a determinable value, the aggregate of which does not exceed R1000 in any calendar year from the same third party in that calendar year received by:
“third party” means –
The Conflict of Interest Management Policy (“Policy”) comes into existence in terms of the provisions of the S3 of the General Code of Conduct of Financial Services Providers and Representatives Board Notice 80 of 2003 (“General Code of Conduct’) which has been amended by Board Notice 58 of 2010 (“BN58”). The Policy is aimed at managing conflict of interest that exists or has a potential to exist in a specific transaction that is entered into or may be entered into with a client. Managing conflict of interest could be in a way of mitigating it where it exists and disclosing it to a client.
The Policy applies on transactions entered into or may be entered into between Financial Services Providers (“FSP”) or by representatives of a FSP on behalf of the FSP.
Africa Direct Life and Investments (Pty) Ltd (“Africa Direct”) or its Representatives must avoid and where it is not possible mitigate conflict of interest between the client and Africa Direct or a Representative and the Client.
Africa Direct or its Representative must at the earliest reasonable opportunity disclose to a client in writing any conflict of interest in respect of that client.
A client will be advised of the of any existence or potential conflict of interest and such advice will include:
This will be disclosed in sufficient details to enable the client to understand the exact nature of the relationship with the third party or arrangement and the conflict of interest.
Clients are informed of the existence of the Policy in the disclosure notice and are advised on how to access it.
Africa Direct or the representatives may only receive or offer the following financial interest from or to a third party
Africa Direct may not offer any financial interest to a representative for giving preference to the quantity of sales for the provider to the exclusion of the quality of the service rendered to client.
Where there is actual or potential conflict of interest between Africa Direct and a client or a Representative and a client, necessary disclosures of this fact will be made to the client, which will include measures that will be taken to manage the conflict. Such disclosure will be made prior to the conclusion of the transaction in order to enable the client to make an informed decision with regard to entering or not entering into a transaction.
In general, representatives when contacting a client are expected to test whether the purported transaction will not amount to a conflict of interest by testing whether the service to be rendered to the client will be in the best interest of the client or if it meets the needs of the client and how much incentive will they receive should the service be rendered etc.
Representatives are required to report to the Key Individual where conflict of interest exist on a specific transaction, the KI together with the Compliance Officer will look at surrounding circumstances to come up with measures that will assist with avoiding conflict of interest. These will be disclosed to the client when advising the client about the existence of the Conflict of Interest. Where Conflict of Interest cannot be avoided, measures to mitigate such conflict will differ from one case to another and this will be disclosed to the client.
Where conflict of interest exists or might exist, representatives are required to disclosed to the client its nature and the manner in which it will be managed. Representatives are required to advise the Key Individual about existence of conflict of interest or of the potential existence of such conflict.
Key individuals and Management are responsible to ensure that conflict of interest is disclosed to client where it exists or where there is a potential of such conflict.
Once reported, the transaction will be entered into the Conflict of Interest Management Register which will be kept by the key individual.
When Africa Direct or Representative receives Immaterial Financial Interest (‘IFI”), they must inform the compliance officer in writing about the IFI. In the report, they must include the name of the FSP and the FSP number of the FSP who has offered the IFI, date of receipt and the value of the IFI. The Key Individual or KI delegate will then enter the information in the Conflict of Interest Register, which register will be monitored to ensure compliance.
Failure to report:
to management, Key Individual or the Compliance Officer will result in a disciplinary action and where necessary to dismissal.
Information on associates on the financial product
The provision or acceptance of gifts and corporate hospitality by an employee is acceptable provided that any such gifts or hospitality received from an insurer or a service provider to Africa Direct does not exceed the maximum of R1 000 per year from any one insurer, as stipulated in Board Notice 58 of 2010;
Gifts received from customers and suppliers should also not exceed a cumulated value of R1 000 per year and must be reported to Africa Direct management; and
All gifts made and gifts received in excess of R200.00 must be recorded in a Gift Register maintained by Africa Direct.
Disclosure of conflicts of interest
The FSP or representative employee will, in writing, at the earliest reasonable opportunity disclose to a customer any potential conflict of interest in respect of that client. The disclosure must include:
Your privacy is critically important to us. We respect and protect your privacy. Our privacy notice applies to all persons whose personal information we collect, regardless of form, medium, and applies to all websites and webpages associated to the company, (hereinafter, “us”, “we”, or the “company”). This includes our employees, consultants, agents, service providers, and independent contractors. The Privacy Notice applies to all our services and related websites. We are committed to protecting your privacy and ensuring that your personal information is collected and used properly, lawfully, and transparently. Data collected and processed refers to data collected on our website and any of our social media platforms and does not apply to our collection of information from other sources.
2. PERSONAL INFORMATION
2.1. “Personal Information” means personal information relating to any identifiable, living, natural person, and an identifiable, existing juristic person, including, but not limited to:
2.2. in the case of an individual:
2.2.1. name, address, email addresses, contact details, date of birth, place of birth, identity number, passport number, bank details, details about your employment, tax number and financial information.
2.2.2. vehicle registration.
2.2.3. dietary preferences.
2.2.4. financial history.
2.2.5. information about next of kin and or dependents.
2.2.6. information relating to education or employment history; and
2.2.7. Special Personal Information including race, gender, pregnancy, national, ethnic, or social origin, colour, physical or mental health, disability, criminal history, including offences committed or alleged to have been committed, membership of a trade union and biometric information, such as images, fingerprints and voiceprints, blood typing, fingerprinting, DNA analysis, retinal scanning, and voice recognition
3. PURPOSE OF THIS POLICY
3.1. By continuing with the process, be it with the company directly, a third party referring you to the company, you consent to the company to lawfully process your personal information in accordance with the Protection of Personal Information Act,2013. Further information on what is personal information is discussed below. This consent may be requested on more than one occasion but is applicable to the processing of Credit information, Property Valuations, POPIA and if agreed, consent to receive marketing communication.
3.2. Our processes and policies, inclusive of this policy, are compliant and regulated by the Protection of Personal Information Act, 2013 (POPIA).
3.3. The purpose of this Policy is to inform Data Subjects about the information that may be collected, how their Personal Information is processed, and under what circumstances we may disclose the information to third parties.
3.4. You must read this notice together with the terms and conditions posted on our website as it sets the general rules and policies governing your use of our website and any of our social media platforms.
3.5. Depending on your activities when visiting our website and any of our social media platforms, you may be required to agree to additional terms and conditions.
3.6. We shall strive to observe and comply with our obligations under POPIA as well as accepted information protection principles, practices, and guidelines when it Processes Personal Information from or in respect of a Data Subject.
4. THE INFORMATION WE COLLECT
4.1. The type of information we collect will depend on the purpose for which it is collected and used. We will only collect information that we need for that purpose.
4.2. When personal information is collected, we will indicate the purpose for the collection and whether the information required is compulsory or voluntary.
4.3. We collect non-personally- identifying information of the sort that web browsers and servers typically make available, such as the browser type, language preference, referring site, and the date and time of each visitor request.
4.4. The purpose of collecting non-personally identifying information is to obtain a better understanding of our users’ interaction with our website.
4.5. From time to time, we may release non-personally identifying information in the aggregate, e.g., by publishing a report on trends in the usage of its website.
4.6. We collect potentially personally identifying information like Internet Protocol (IP) addresses for logged-in users and for users leaving comments on the company’s blog posts.
4.7. We disclose logged-in user and commenter IP addresses under the same circumstances that it uses and discloses personally identifying information as described above.
4.8. Certain visitors to our websites choose to interact with us in ways that require us to gather personal information. The amount and type of information gathered depends on the nature of the interaction. For example, we ask visitors who sign up for a blog on this site to provide a username and email address.
4.9. The security of your Personal Information is important to us but remember that no method of transmission over the internet, or method of electronic storage is 100% secure. While we strive to use commercially acceptable means to protect your Personal Information, we cannot guarantee its absolute security, however, we confirm that we have complied and enforced legislative safeguards, where reasonably possible.
4.10. We may collect statistics about the behavior of visitors to our website. We may display this information publicly or provide it to others. However, we will not disclose your personally identifying information.
5. Social Media and Advertising
5.1. When choosing to submit your personal information with our official social media accounts you are giving us consent to contact you about our services and product offerings.
5.2. This is inclusive to all our social media and advertising mediums, including but not limited to Whatsapp.
6. LINKS TO EXTERNAL SITES
6.2. We have no control over, and assume no responsibility for the content, privacy policies, or practices of any third-party sites, products, or services.
7. AFFILIATE DISCLOSURES
7.1. This site uses affiliate links and does earn a commission from certain links. This does not affect your purchases or the price you may pay.
8.4. If you accept a “cookie” or fail to deny the use of “cookies”, you agree that we may use your personal information collected using “cookies” (subject to the provisions of this Policy). Where you either reject or decline cookies, you are informed that you may not be able to fully experience certain features and risk the functionality issues with the features of our website.
10. License and hyperlinking content
10.1. Unless otherwise stated, we own the intellectual property rights for all material on the company’s website. All intellectual property rights are reserved.
10.2. You may view and/or print pages from the website for your own personal use subject to restrictions set in these terms and conditions.
10.3. You must not:
10.3.1. Republish material from any of the companies’ websites.
10.3.2. Sell, rent or sub-license material from the companies’ websites.
10.3.3. Reproduce, duplicate, or copy material from this website or any other websites linked to us.
10.4. Redistribute content from us (unless content is specifically made for redistribution)
10.5. The following organizations may link to our Web site without prior written approval:
10.5.1. Government agencies.
10.5.2. Search engines.
10.5.3. News organizations.
10.5.4. Online directory distributors when they list us in the directory may link to our Web site in the same manner as they hyperlink to the Web sites of other listed businesses; and
10.5.5. Systemwide Accredited Businesses except soliciting non-profit organizations, charity shopping malls, and charity fundraising groups which may not hyperlink to our Web site.
10.5.6. These organizations may link to our home page, to publications or to other Web site information so long as the link: (a) is not in any way misleading; (b) does not falsely imply sponsorship, endorsement or approval of the linking party and its products or services; and (c) fits within the context of the linking party’s site.
10.6. We may consider and approve in our sole discretion other link requests from the following types of organizations:
10.6.1. commonly known consumer and/or business information sources such as Chambers of Commerce, American Automobile Association, AARP, and Consumers Union.
10.6.2. dot.com community sites.
10.6.3. associations or other groups representing charities,
10.6.4. including charity giving sites,
10.6.5. online directory distributors.
10.6.6. internet portals.
10.6.7. accounting, law, and consulting firms whose primary clients are businesses; and
10.6.8. educational institutions and trade associations.
10.7. We will approve link requests from these organizations if we determine that: (a) the link would not reflect unfavorably on us or our accredited businesses (for example, trade associations or other organizations representing inherently suspect types of business, such as work-at-home opportunities, shall not be allowed to link); (b)the organization does not have an unsatisfactory record with us; (c) the benefit to us from the visibility associated with the hyperlink outweighs the absence of link is in the context of general resource information or is otherwise consistent with editorial content in a newsletter or similar product furthering the mission of the organization.
10.8. These organizations may link to our home page, to publications or to other Web site information so long as the link: (a) is not in any way misleading; (b) does not falsely imply sponsorship, endorsement or approval of the linking party and its products or services; and (c) fits within the context of the linking party’s site.
10.9. If you are among the organizations listed in paragraph 2 above and are interested in linking to our website, you must notify us by sending an e-mail to [email protected]
10.10. Please include your name, your organization name, contact information (such as a phone number and/or e-mail address) as well as the URL of your site, a list of any URLs from which you intend to link to our Web site, and a list of the URL(s) on our site to which you would like to link. Allow 2-3 weeks for a response.
10.11. Without prior approval and express written permission, you may not create frames around our web pages or use other techniques that alter in any way the visual presentation or appearance of our Web site
10.12. Approved organizations may hyperlink to our Web site as follows:
10.12.1. By use of our corporate name; or
10.12.2. By use of the uniform resource locator (Web address) being linked to; or
10.12.3. By use of any other description of our Web site or material being linked to that makes sense within the
context and format of content on the linking party’s site.
10.13. No use of our logo or other artwork will be allowed for linking absent a trademark license agreement.
11.1. You have the right to ask us to update, correct or delete your personal information. We will require a copy of your ID document to confirm your identity before making changes to personal information we may hold about you. We would appreciate it if you would keep your personal information accurate.
11.2. We are not responsible for any liability caused by incorrect or outdated information provided.
11.3. It is your sole responsibility to provide us, in writing of a change in your information.
11.4. The company nor any of its agents or representatives shall be liable for any damage, loss or liability of whatsoever nature arising from the use or inability to use this web site or the services or content provided from and through this web site.
11.5. Furthermore, we make no representations or warranties, implied or otherwise, that, amongst others, the content and technology available from this website are free from errors or omissions or that the service will be 100% uninterrupted and error free. Users are encouraged to report any possible malfunctions and errors to the webmaster.
11.6. Information, ideas, and opinions expressed on this site should not be regarded as professional advice, but users are encouraged to consult professional advice before taking any course of action related to information, ideas or opinions expressed on this site.
11.7. We take reasonable and necessary precautions to secure your transactions on our website – however, we cannot guarantee the confidentiality of your transactions.
11.8. Using this website is entirely at your own risk. we will not be held legally responsible for any personal information that you reveal to a third party, it is important that you refer to that third party’s privacy notice before you reveal any of your personal information.
11.9. To the maximum extent permitted by applicable law, we exclude all representations, warranties and conditions relating to our website and the use of this website (including, without limitation, any warranties implied by law in respect of satisfactory quality, fitness for purpose and/or the use of reasonable care and skill). Nothing in this disclaimer will:
11.9.1. limit or exclude our or your liability for death or personal injury resulting from negligence.
11.9.2. limit or exclude our or your liability for fraud or fraudulent misrepresentation.
11.9.3. limit any of our or your liabilities in any way that is not permitted under applicable law; or
11.9.4. exclude any of our or your liabilities that may not be excluded under applicable law.
11.10. The limitations and exclusions of liability set out in this Section and elsewhere in this disclaimer: (a) are subject to the preceding paragraph; and (b) govern all liabilities arising under the disclaimer or in relation to the subject matter of this disclaimer, including liabilities arising in contract, in tort (including negligence) and for breach of statutory duty.
11.11. We shall have no responsibility or liability for any content appearing on your Web site. You agree to indemnify and defend us against all claims arising out of or based upon your Website. No link(s) may appear on any page on your Web site or within any context containing content or interpretation of material, obscene or criminal, or which infringes, otherwise violates, or advocates the infringement or other violation of, any third-party rights.
11.12. To the extent that the website and the information and services on the website are provided free of charge, we will not be liable for any loss or damage of any nature.
11.13. To the extent that we act as a Direct Marketer, we shall strive to observe, and comply with its obligations under POPIA when implementing principles and practices in relation to Direct Marketing.
11.14. We acknowledge that it may only use Personal Information to contact the Data Subject for purposes of Direct Marketing from time to time where it is permissible to do so.
11.15. We may use Personal Information to contact any Data Subject and/or market our services directly to the Data Subject(s) if the Data Subject is one of our existing clients, the Data Subject has requested to receive marketing material from us, or you consent to us marketing our services directly.
11.16. We may keep records of the Personal Information, correspondence, or comments it has collected in an electronic or hardcopy file format.
11.17. In terms of POPIA, we may not retain Personal Information for a period longer than is necessary to achieve the purpose for which it was collected or processed and is required to delete, destroy (in such a way that it cannot be reconstructed) or de-identify the information as soon as is reasonably practicable once the purpose has been achieved. This prohibition will not apply in the following circumstances –
11.17.1. where the retention of the record is required or authorized by law or by any Government authority.
11.17.2. we require the record to fulfil its lawful functions or activities.
11.17.3. retention of the record is required by a contract between the parties thereto.
11.17.4. the Data Subject (or competent person, where the Data Subject is a Child) has consented to such longer retention; or
11.17.5. the record is retained for historical, research, archival or statistical purposes provided safeguards are put in place to prevent use for any other purpose. Accordingly, we will, subject to the exceptions noted in this Policy, retain Personal Information for as long as necessary to fulfil the purposes for which that Personal Information was collected and/or as permitted or required by applicable law.
11.18. Where we retain Personal Information for longer periods for statistical, historical, archival or research purposes, we will ensure that appropriate safeguards have been put in place to ensure that all recorded Personal Information will continue to be Processed in accordance with this Policy and applicable laws.
11.19. Once the purpose for which the Personal Information was initially collected and processed no longer applies or becomes obsolete, we will ensure that the Personal Information is deleted, destroyed or de-identified sufficiently so that a person cannot re-identify such Personal Information. In instances where we de-identify your Personal Information, we may use such de-identified information indefinitely.
11.20. Should we need to collect Personal Information by law or under its obligations as an employer or product or service provider, and you fail to provide the Personal Information when requested, we may be unable to perform our duties in terms of the applicable law or in terms of providing the product to you.
11.21. Should we need to collect Personal Information for any of the purposes set out above and you fail to provide the Personal Information when requested, your failure to provide such Personal Information may have negative consequences, including that we may not be able to effectively perform its obligations per the product or service provider and must decline to receive the relevant services from you. You will be notified where this is the case.
11.22. We will address any Data breaches in accordance with the terms of POPIA and will notify you a soon as reasonable possible after we have become aware of any data breach in respects of your personal information.
11.23. This policy is subject to the conditions set out in the Protection of Personal Information Act 4 of 2013, and we encourage you to peruse over the extensive rights and responsibilities therein as they are applicable, despite express reference thereto in this policy.
11.24. Should you find any link on our Web site or any linked web site objectionable for any reason, you may contact us about this. We will consider requests to remove links but will have no obligation to do so or to respond directly to you.
11.25. Whilst we endeavor to ensure that the information on this website is correct, we do not warrant its completeness or accuracy; nor do we commit to ensuring that the website remains available or that the material on the website is kept up to date.
11.26. We reserve the right at any time and in its sole discretion to request that you remove all links or any link to our Web site. You agree to immediately remove all links to our Web site upon such request. We also reserve the right to amend these terms and conditions and its linking policy at any time. By continuing to link to our Web site, you agree to be bound to and abide by these linking terms and conditions.
11.27. Without prior approval and express written permission, you may not create frames around our Web pages or use other techniques that alter in any way the visual presentation or appearance of our Web site
11.28. the maximum extent permitted by applicable law, we exclude all representations, warranties and conditions relating to our website and the use of this website (including, without limitation, any warranties implied by law in respect of satisfactory quality, fitness for purpose and/or the use of reasonable care and skill). Nothing in this disclaimer will:
11.28.1. limit or exclude our or your liability for death or personal injury resulting from negligence.
11.28.2. limit or exclude our or your liability for fraud or fraudulent misrepresentation.
11.28.3. limit any of our or your liabilities in any way that is not permitted under applicable law; or
11.28.4. exclude any of our or your liabilities that may not be excluded under applicable law.
11.29. The limitations and exclusions of liability set out in this Section and elsewhere in this disclaimer: (a) are subject to the preceding paragraph; and (b) govern all liabilities arising under the disclaimer or in relation to the subject matter of this disclaimer, including liabilities arising in contract, in tort (including negligence) and for breach of statutory duty.
11.30. To the extent that the website and the information and services on the website are provided free of charge, we will not be liable for any loss or damage of any nature.
On the 31st March 2011, the Financial Sector Conduct Authority (FSCA) introduced a program called Treating Customers Fairly (TCF) to financial institutions, TCF approach seeks to ensure that fair treatment of customers is embedded within the culture of financial institutions. TCF will use a combination of market conduct principles and explicit rules to drive the delivery of clear and measurable fairness outcomes
TCF aims to be a holistic and coordinated consumer protection regulatory framework that applies consistently across the financial services sector and is designed to address the specific conduct risks appropriate to the sector! The regulation on TCF ensures that fairness outcomes (as they apply to financial services customers) are demonstrably delivered by regulated financial firms. Financial services providers should always apply these principles keeping the customer in mind.
TCF is simply about three factors tied together in a causal loop with each activity impacting the next.
It is aimed at achieving six very specific desired outcomes that concern the customer. TCF requires regulated firms to be able to provide evidence or demonstrate these desired outcomes at every stage of the product life cycle. TCF principles must be driven by the firms’ culture and the way it does business as opposed to a set of defined rules.
Outcome 1: Customers are confident that fairness is central to our company culture.
Outcome 2: Customers are sold and enjoy products and services that are applicable to them and meet their needs.
Outcome 3: Customers receive clear information, that is relevent and that is easy to understand with a clear layout and timely.
Outcome 4: Customers receive suitable advice that takes their circumstances in to account.
Outcome 5: Customers have their expectations met through products and services that are up to standard and deliver what was promised.
Outcome 6: Customers do not face unreasonable post-sale barriers to change product, switch provider, submit claims and complaints.
Africa Direct Life and Investments acknowledges that the fair treatment of its clients and the provision of excellent service is central to its success and sustainability.
The purpose of this TCF Policy is to communicate how we aim to ensure that the above outcomes are embedded in our approach to dealing with our clients.
The policy applies to all Africa Direct Life employees and non-compliance will bear serious consequences.
The company acknowledges that the TCF initiative is not a Compliance function but rather a concept that is noticeable throughout the company’s operations. Therefore, its Board of Directors and Senior Management, in conjunction with the company’s Compliance function, has:
Our strategic plans and budgets must make allowance for TCF implications, with deliverables allocated to appropriate personnel. Business cases and company projects that directly impact on our clients will consider TCF implications. The company has existing structures and forums where TCF-type matters can be discussed and debated.
We have assigned our TCF monitoring structure and forums within our company. Africa Direct Life And Investments has appointed a TCF champion who reports to anagment and is responsible for:
Our Recruitment Policy and related processes provide the company with relevant human resources that are able to deliver on the company’s TCF objectives. Personnel who have been allocated TCF deliverables must undergo the necessary training.
Africa Direct Life and Investment has developed appropriate management information systems and controls that allows it to measure TCF effectiveness, analyse and act on findings, monitor and respond to TCF-related regulatory developments and improve TCF outcomes for its clients.
Our company has developed processes that ensure the fair treatment of clients in terms of, but not limited to:
Within the context of the company operating in a market segment that contains many technical and complex information, save disclosing information that will reduce the company’s competitive advantage, any product information provided to our clients is to the company’s best ability, accurate, timeous, regular, clear, appropriate and does not contain hidden conditions. The company has developed approval processes for the distribution of all its product information with sign-off at an appropriate level of authority.
The company has developed processes for the on-going monitoring of environmental, economic and regulatory developments that could impact on the extent to which the company’s products will meet its clients’ reasonable expectations. Similarly, processes and controls have been put in place to protect the confidentiality of all customer information. The company’s service standards are documented in client mandates.
Africa Direct Life and investments does not impose unfair post-sale or product-switching barriers on its clients. We responds in a timely manner to our clients and prospective clients questions and queries, and address any issues or concerns promptly. All customer complaints are dealt with and escalated as appropriate and as required by us in order to meet our obligations to our clients and our regulator.
TCF is embedded in the statutes that are regulated by the FSCA, Africa Direct Life require to comply with the TCF Outcomes and have them embedded within the day to day business activities as failure will result in administration fines.