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Conflict of Interest Policy

  1. Introduction
  2. BN 80 of 2003 - General Code of Conduct for Authorised Financial Services Providers and Representatives (as amended) - at paragraph 3(1)(b) requires that when a provider renders a financial service, the provider and any representative must avoid and where this is not possible mitigate, any conflict of interest between the provider and a client or the representative and a client.

  3. Purpose
  4. This Policy seeks to regulate and control any prejudice to clients that could potentially arise as a consequence of conflicts of interest generally and in particular, as a consequence of non-cash incentives and benefits being offered by another provider, a product supplier or any other person to any person rendering financial services on behalf of the Futurisk.

  5. Definitions
  6. Fururisk trades as a Company incorporated with limited liability in terms of the Companies Act 61 of 1973 and accordingly, for the purposes of this Policy, the following words and expressions will have the following meanings:

Types of complaints

  • "associate"

    in relation to Fururisk, means any entity referred to in subparagraphs (i) to (vii) below who is also a product supplier, another provider, an associate of a product supplier or a provider, a distribution channel or any person who in terms of an agreement or arrangement with any product supplier, another provider, an associate of a product supplier or a provider, a distribution channel above provides a financial interest to Futurisk or its representatives such an associate being:

      1. any subsidiary company of Fururisk,
      2. any holding company of Fururisk,
      3. any other subsidiary of any holding company of Fururisk
      4. any other company of which that holding company Is a subsidiary;
      5. any person in accordance with whose directions or instructions the board of directors of Fururisk is accustomed to act;
      6. any juristic person of which the board of directors or, in the case where such juristic person is not a company, of which the governing body is accustomed to act in accordance with the directions or instructions of Fururisk;
      7. any trust controlled or administered by Fururisk.
  • ust not relate to the investment performance of a financial product, unless such performance was guaranteed or such performance appears so deficient as to raise a prima facie presumption of misrepresentation, negligence or maladministration.

  • "conflict of Interest"

    means any situation in which Fururisk or any Representative has an actual or potential interest that may, in rendering a financial service to a Client,

    1. influence the objective performance of his, her or its obligations to that client; or
    2. prevent Fururisk or any representative from rendering an unbiased and fair financial service to that client, or from acting in the interests of that client,
      including, but not limited to
    1. a financial interest;
    2. an ownership interest;
    3. any relationship with a third party;
    • "distribution channel" means
      1. any arrangement between a product supplier or any of its associates and one or more providers or any of its associates in terms of which arrangement any support or service is provided to Fururisk or providers in rendering a financial service to a client;
      2. any arrangement between two or more providers or any of their associates, which arrangement facilitates, supports or enhances a relationship between Fururisk or providers and a product supplier;
      3. any arrangement between two or more product suppliers or any of their associates, which arrangement facilitates, supports or enhances a relationship between a provider or providers and a product supplier;

    • "financial interest"

      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

      1. an ownership interest;
      2. training, that is not exclusively available to a selected group of providers or representatives, on
      1. products and legal matters relating to those products;
      2. general financial and industry information;
      3. specialised technological systems of a third party necessary for the rendering of a financial service; but excluding travel and accommodation associated with that training;

  • "Immaterial financial Interest"

    means any financial Interest with a determinable monetary value, the aggregate of which does not exceed R 1 000 in any calendar year from the same third party in that calendar year received by

    1. a provider who is a sole proprietor; or
    2. a representative for that representative's direct benefit;
    3. a provider, who for its benefit or that of some or all of its representatives, aggregates the immaterial financial interest paid to its representatives;
  • "ownership interest" means
    1. any equity or proprietary interest, for which fair value was paid by the owner at the time of acquisition, other than equity or an proprietary interest held as an approved nominee on behalf of another person; and
    2. includes any dividend, profit share or similar benefit derived from that equity or ownership interest
    means
    1. a product supplier;
    2. another provider;
    3. an associate of a product supplier or a provider;
    4. a distribution channel;
    5. any person who in terms of an agreement or arrangement with a person referred to in paragraphs (a) to (d) above provides a financial interest to a provider or its representatives
  • Permitted financial interests

  • The following financial interests are permitted and are not regarded as constituting any actual or potential conflict of interest:

    1. commission authorised under the Long-term Insurance Act, 1998 (Act No. 52 of 1998);
    2. fees authorised under the Long-term Insurance Act, 1998 (Act No. 52 of 1998) if those fees are reasonably commensurate to a service being rendered,
    3. fees for the rendering of a financial service in respect of which commissions or fees authorised under the Long-term Insurance Act, 1998 (Act No. 52 of 1998) are not paid, provided that such fees are specifically agreed to by the client in writing and may be stopped at the discretion of that client;
    4. commission authorised under the Short-term Insurance Act, 1998 (Act No. 53 of 1998);
    5. fees authorised under the Short-term Insurance Act, 1998 (Act No. 53 of 1998) if those fees are reasonably commensurate to a service being rendered
    6. fees for the rendering of a financial service in respect of which commissions or fees authorised under the Short-term Insurance Act, 1998 (Act No. 53 of 1998) ) are not paid, provided that such fees are specifically agreed to by the client in writing and may be stopped at the discretion of that client;
    7. commission authorised under the Medical Schemes Act, 1998 (Act No. 131 of 1998);
    8. fees authorised under the Medical Schemes Act. 1998 (Act No. 131 of 1998), if those fees are reasonably commensurate to a service being rendered
    9. fees for the rendering of a financial service in respect of which commissions or fees authorised under the Medical Schemes Act. 1998 (Act No. 131 of 1998) are not paid, provided that such fees are specifically agreed to by the client in writing and may be stopped at the discretion of that client;
    10. fees or remuneration for the rendering of a service to a third party, which fees or remuneration are reasonably commensurate to the service being rendered;
    11. any financial interest in the form of cash, cash equivalent, voucher, gift, service, advantage, benefit, discount, domestic or foreign travel, hospitality, accommodation, sponsorship, other incentive or valuable consideration not referred to above, for which a consideration, fair value or remuneration that is reasonably commensurate to the value of the financial interest, is paid by that provider or representative at the time of receipt thereof
    12. training, that is not exclusively available to a selected group of providers or representatives, on products and legal matters relating to those products excluding travel and accommodation associated with that training;
    13. training, that is not exclusively available to a selected group of providers or representatives, general financial and industry information excluding travel and accommodation associated with that training;
    14. training, that is not exclusively available to a selected group of providers or representatives, specialised technological systems of a third party necessary for the rendering of a financial service excluding travel and accommodation associated with that training;
    15. any immaterial financial interest;
  • Prohibited financial interests

  • Any financial interest described below that does not fall within the provisions of Paragraph 4 above (Permitted Financial Interests) is prohibited and may not be accepted under any circumstances:

    1. Any Cash Payment received from any third party:
    2. Any Cash Equivalent received from any third party:
    3. Any Voucher received from any third party:
    4. Any Gift received from any third party:,
    5. Any Service received from any third party:,
    6. Any Advantage received from any third party:
    7. Any Benefit received from any third party:
    8. Any Discount received from any third party:
    9. Any Domestic or Foreign Travel received from any third party:
    10. Any Hospitality received from any third party:
    11. Any Accommodation received from any third party:
    12. Any Sponsorship received from any third party:
    13. Any other incentive or valuable consideration received from any third party:
  • Declaration of Fururisk’ owenership interest

    1. Neither Fururisk nor any Representative has any actual or potential equity or proprietary interest of any kind in any Third Party that may, in rendering a financial service to a Client, influence the objective performance of his, her or its obligations to that client or that may prevent Fururisk
      or any representative from rendering an unbiased and fair financial service to that client, or from acting in the interests of that client
    2. Neither Fururisk nor any Representative receives any actual or potential dividend, profit share or similar benefit derived from any equity or ownership interest of any Third Party that may, in rendering a financial service to a Client, influence the objective performance of his, her or its obligations to that client or that may prevent Fururisk or any representative from rendering an unbiased and fair financial service to that client, or from acting in the interests of that client.
  • Declaration of ownership interest in Fururisk

    1. No Third Party has any actual or potential equity or proprietary interest of any kind in the business of Fururisk that may, in rendering a financial service to a Client, influence the objective performance of his, her or its obligations to that client or that may prevent Fururisk or any representative from rendering an unbiased and fair financial service to that client, or from acting in the interests of that client
    2. No Third Party receives any actual or potential dividend, profit share or similar benefit to Futurisk that is derived from any equity or ownership interest that may, in rendering a financial service to a Client, influence the objective performance of his, her or its obligations to that client or that may prevent Fururisk any representative from rendering an unbiased and fair financial service to that client, or from acting in the interests of that client.
  • Declaration of relationships with third parties

    1. Neither Fururisk nor any Representative has any actual or potential relationship with any Third Party that may, in rendering a financial service to a Client, influence the objective performance of his, her or its obligations to that client or prevent Dart Wealth or any representative from rendering an unbiased and fair financial service to that client, or from acting in the interests of that client.
  • List of associates

  • Fururisk does not have any associate (as defined) who is a Third Party (as defined) and in respect of whom there is or may be any conflict of interest or any potential conflict of interest.

  • Identification of conflicts of interest

    1. A conflict of interest involves the abuse - actual, apparent, or potential - of the trust that people have in professionals. A conflict of interest is a situation in which financial or other personal considerations have the potential to compromise or bias professional judgment and objectivity.
    2. An apparent conflict of interest is one in which a reasonable person would think that the professional's judgment is likely to be compromised. A potential conflict of interest involves a situation that may develop into an actual conflict of interest.
    3. It is important to note that a conflict of interest exists whether or not decisions are affected by a personal interest; a conflict of interest implies only the potential for bias, not likelihood.
    4. It is the formal policy of Fururisk to avoid as far as possible all actual and potential Conflicts of Interest.
    5. In determining whether there is or may be a conflict of interest to which this Policy applies, Fururisk shall, in particular, consider whether there is any risk of prejudice to any client, taking into account whether Fururisk and/or any representative, associate or employee of Fururisk:
    6. has an interest in the outcome of a service provided to the client or of a transaction carried out on behalf of the client, which is distinct from the client's interest in that outcome;
    7. has a financial or other incentive to favour the interest of another client, group of clients or any other third party over the interests of the client;

    receives or will receive from a person other than the client, an inducement in relation to a service provided to the client in the form of monies, goods or services, other than the legislated commission or reasonable fee for that service.

  • Management of concflict of interest

    1. Any queries by employees of Fururisk in regard to conflicts of interest potential, actual or apparent must be referred to Karen de Viliers, who is the person responsible for the identification and management of conflicts of interest. Any decision by the aforesaid Karen de Viliers shall be final and binding.
    2. Fururisk shall establish and maintain a Gifts Register in the form as set out in Annexure A hereto, wherein all immaterial financial interests shall be recorded to ensure compliance with the limitations set for such immaterial financial interests.
    3. This Conflict of Interest Policy shall be formally reviewed each year at the first General Meeting for the year.
    4. This Conflict of Interest Policy shall be viewed holistically and shall not concentrate on remuneration issues only. The Policy shall have as its sole purpose the intention of ensuring that at all times financial services are rendered honestly, fairly, with due skill, care and diligence, and in the interests of clients and the integrity of the financial services industry .
    5. All Key Individuals of the business shall regularly review the terms and conditions of the relationship between the business and all product suppliers and other financial services providers in order to identify potential, apparent or actual conflicts of interest and shall also regularly review the procedures adopted to prevent such conflicts in compliance with this Policy.
    6. Key Individuals shall be responsible for ensuring that all employees of the business are adequately exposed to the concept of Conflicts of Interest and shall provide appropriate training to employees and shall be responsible for ensuring the adherence of employees to the Policy.
  • Measures for the disclosure of conflicts of interest

    1. Where Fururisk has considered the circumstances surrounding a possible Conflict of Interests and has determined for reasons that may have arisen at that time, that it is impossible to avoid such Conflict of Interest, Fururisk shall at that time take such measures as may be reasonable to mitigate the prejudice to client
    2. In circumstances referred to in paragraph 12.1 above Fururisk or Representative as the case may be shall be required to notify the client in of the possibility of the conflict and shall disclose full details of the nature of the possible prejudice to the client.
    3. The written notification to the client shall also contain details and reasons why the Conflict of Interest cannot be avoided in the circumstances and the client shall be asked to confirm in writing that Fururisk may proceed or continue to act in the particular matter, as the case may be.
  • Consequences of non-compliance

    1. If Fururisk’s Board of Directors has reasonable cause to believe that any employee, including any Key Individual, representative and/or any juristic representative has failed to disclose actual or possible conflicts of interest, it shall inform such individual/s of the basis for such belief and afford such individual/s an opportunity to explain the alleged failure to disclose.
    2. If, after hearing the response of the individual/s in question and making such further investigation as may be warranted, the board or committee determines that the individual/s has/have in fact failed to disclose an actual or possible conflict of interest, it shall take appropriate disciplinary and corrective action.
  • Basis of representative's remuneration

    1. Every Representative shall be remunerated on such basis as may be determined in each instance and shall in all instances be based on the performance of the specific Representative: provided however that Dart Merchant Trade Finance (PTY)LTD T/A Dart Wealth shall not reward or in any manner remunerate any Representative for:
      1. giving preference to the quantity of business secured for Fururisk to the exclusion of the quality of the service rendered to clients; or
      2. giving preference to a specific product supplier, where the Representative in question may recommend more than one product supplier to a client; or
      3. giving preference to a specific product of a product supplier, where the Representative in question may recommend more than one product of that product supplier to a client.
  • Contact details

  •  Karen da Villiers
     012 993 0763
     complaints@futurisk.co.za

    1. All such queries and reports will be kept in the strictest confidence and in circumstances where and employee of Fururisk has reported any breach of this Policy, Fururisk will use its best endeavours to protect the identity of such employee.


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    We are always looking forward to hearing from you. We would like to hear your feedback and to have you as our new client. Feel free to contact us using the information below:

    Working Hours

    Monday - Thursday
    08:00 - 16:30

    Friday
    08:00 - 13:00

    Weekends & Public Holidays
    Closed

    Futurisk (Pty)Ltd.
    012-993-0763
    086-578-5721
    198 Langenhoven Str, Constantia Park
    Pretoria East, 0018
    www.futurisk.co.za