Conflict of interests
Workerslife is commitment to high levels of ethical behaviour, integrity and fairness in all business dealings
Workerslife does not only aim to gain financial returns, however equally building and retaining the trust that customers place in its ability to manage their risk and to provide sound financial products and services. The building and protection of Workerslife’s reputation is therefore of the utmost importance.
A conflict of interest situation arises when an employee experiences a situation in which their interest or the interests of Workerslife, or one of its associates in the exercise of its activities, are directly or indirectly in competition with, or may significantly prejudice a customer’s interests.
Conflicting interests are generally characterised by a compromise or prevention of efficient, honest or objective work performance, because of employees maintaining inappropriate personal interests, either directly or through their close relationships.
A conflicting interest may include but are not limited to a real or perceived financial gain resulting from recommendations to customers that may prejudice an outcome of service delivery or transaction that may not best serve the interests of such customer.
Not all conflicts of interests result in some form of corruption (such as internal and/or external fraud, bribery, inappropriate governance, nepotism or cronyism), it is prudent however to establish and maintain an effective conflict of interest management programme to ensure that conflicting interests are identified timeously, mitigated where possible and suitably managed.
Managing conflicting interests requires:
- Mechanisms for the identification of conflicting interests;
- Measures for the avoidance of conflict of interests, and where avoidance is not possible, measures for the mitigation of such conflicts of interest;
- Measures for the disclosure of conflict of interests;
- Policies, procedures and internal controls to facilitate compliance with the measures so stablished; and
- Consequence measures for non-compliance.
Remuneration of representatives
Remuneration of Brokers or Independent Intermediaries
Receiving or offering immaterial financial interests
- Giving preference to a specific product supplier or except for authorised developmental, financial inclusion, and transformation objectives;
- Cash, cash equivalent, voucher, gift, service, advantage, benefit, discount, domestic or foreign travel, hospitality, accommodation, sponsorship and any other incentive or valuable consideration not mentioned above, including travel and accommodation associated with allowed training for employees in FAIS role;
- Any financial interest other than allowable financial interests listed above with a determinable monetary value not exceeding the set thresholds;
- Training restricted to a selected group of providers and FAIS representatives on products and legalities thereof; general financial and industry information; specialised technological systems (of a third party) necessary for rendering a financial service.
- Sign-on bonus. No person may offer or provide a sign-on bonus to any person, other than a new entrant in the financial services industry, as an incentive to become a Category I Financial Services provider that is authorised or appointed to give advice. Should a conflict of interest arise which cannot be avoided, the FSPs will disclose to the client, or Broker the nature and extent of such conflict and any possible steps that may be taken to mitigate the conflict
Training And Awareness
Reporting Procedure on The Declaration of Conflict of Interest
Consequences Of Non-Adherence