Nashua Zululand and Spescom make FICA and FAIS compliance easy for independent brokers
'Hands-free' mobile, fixed line transaction recording and data archiving solution for financial advisors Nashua Zululand, an independent franchise of Nashua Ltd, has entered into a strategic alliance with Spescom that will see it bundle Spescom's ReMo mobile and fixed-line recording solution into its basket of advanced office automation, data archiving and mobile solutions. The partnership will, in particular, advantage Nashua Zululand's customers in the financial and
insurance industries.
Explains Shane Webster, MD of Nashua Zululand: "The office automation industry has for many years now been moving toward electronic document management and archiving. Nashua Zululand's office automation solutions thus include not only multifunctional hardware devices (i.e., all-in-one printer, scanner, copier and fax devices) but advanced software, such as that contained in ScannerVision and Laserfiche applications, which enable easy scanning, digitisation, indexing and management of documents.
However, there is increasing demand in the financial and insurance sectors for a simple and effective digitisation, recording and archiving solution that will allow users to comply with mandatory requirements of the Financial Advisory and Intermediary Services (FAIS) and the Financial Intelligence Centres (FICA) Acts."
The reason for this, he explains, is that certain sectors of the financial services industry do not have the resources or the know how to implement the technological solutions required to ensure consistent and sustainable compliance with these Acts. Independent brokers are a prime example, he notes.
"As the technology partner to the Masthead Financial Advisers Association, a voluntary association of approximately 3500 independent brokers, Nashua Zululand was requested to create a technology solution that would assist these brokers to remain compliant," says Webster:
"As many of the Association's members were not highly tech savvy, Masthead requested that the solution be simple and elegant, requiring very little setup, maintenance and interaction by members, yet providing the necessary data recording and archiving capabilities and security to meet legal requirements.
"Spescom's ReMo mobile and fixed line recording solutions fit this profile perfectly."
ReMo comprises a mobile application and a hosted archiving solution. It allows subscribers to capture conversations, as well as pictures and documents on their mobile devices, then upload this data seamlessly and securely to a secure online vault, where it can be managed, viewed, played, downloaded or sent by e-mail.
ReMo now also includes a solution which will record conversations on a fixed line then upload it to the same online vault, perfect for the SOHO environment where the cost of an in-house recording solution cannot be justified.
Nashua Zululand offers an archiving solution which allows the user to manage the call recordings together with other client documents as part of its hosted data archiving offering, thus allowing long-term retention.
Documents and recordings are fully annotatable and can be indexed per client or using unique identifiers of the customer's choice to enable easy retrieval and data management.
Says Viv Crone, chief technical officer of Spescom Limited: "The financial industry is competitive and tightly regulated. The ReMo recordings will assist financial advisors and brokers to keep accurate records and minimise business risk. In addition, they will be able to enhance customer service and customer satisfaction by being able to replay conversations on demand, providing a means to recall and meet obligations, as well as fulfil client instructions to the letter.
"By making ReMo a part of its digitisation and data archiving solution, Nashua Zululand has created a truly comprehensive and unique package that will enhance the professionalism and integrity of independent brokers."
Nashua Zululand will resell the ReMo service to its customers, while Spescom will provide full service and support to ReMo subscribers. The companies will continue to work together to enhance their offering to customers.
FAIS and FICA - the need for compliance
The financial industry is one of the most tightly regulated - something that is necessary to ensure financial service providers risk is accurately managed and the consumer is fairly treated. Recording of transactions is required by law.
* A Registered Financial Service Provider is obligated by the FAIS Act (Financial Advisory and Intermediary Services Act, 37 of 2002) to have a record of any verbal or written advice given to clients. These records must be stored and kept safe for five years after termination of the product concerned, or after the rendering of the financial service.
* An accountable institution like a bank or long term insurer is compelled by the FICA Act (Financial Intelligence Centre Act, 38 of 2001) to "report suspicious and unusual actual or contemplated transactions, within 15 days, but within 5 for terrorist-related transactions" and keep records of transactions for five years, with a possible penalty of R10 million or 15
years' imprisonment if these regulations are not followed.
