APPLICABLE TO BIDVEST INSURANCE BROKERS (PTY) LTD –FSP 44446, BIDVEST INSURANCE LIMITED AND BIDVEST LIFE LIMITED
Bidvest Insurance Brokers (Pty) Ltd (“BIB”) is committed to complying with the regulatory requirements governing Conflict of Interest under the FAIS General Code of Conduct and ensuring that conflicts of interest are appropriately managed in the best interests of our partners, customers and policyholders. The Financial Services Provider (“FSP”) is Bidvest Insurance Brokers Pty Ltd (“BIB”), FSP no. 44446.
This policy is applicable to all representatives of BIB. It is the responsibility of each individual who is affected by this Policy to proactively, and in good faith, declare an actual or potential conflict of interest, and to seek advice in cases of uncertainty.
This policy was formally adopted by the Board of Directors of BIB on 17 February 2014.
Identification and managing of conflict of interest
BIB employs the following mechanisms to ensure that all conflicts are identified:
Avoidance and mitigation of conflict of interest
Once a conflict of interest has been identified it needs to be appropriately and adequately managed. The Business Unit Manager and General Manager responsible for the affected area will consider whether any practical means exist for avoiding such conflict of interest. Where this is not practical, the Business Unit Manager and General Manager will consult with the Managing Director and Financial Director to devise appropriate and adequate measures to mitigate and manage the identified conflict of interest.
The resulting mitigating and managing measures will be documented and communicated to all staff involved in managing the relationship to ensure that the risk of the identified conflict of interest is appropriately managed and does not recur.
BIB has various internal policies to manage and mitigate conflicts of interest. These internal policies govern the ethical conduct of employees in the following manner:
Code of Ethics:
The onus is on the representative employees subject to this policy to ensure that proper disclosure is made in respect of a conflict of interest despite this being contained in the product fulfilment documentation.
BIB does not hold any ownership interest in third parties.
This policy was adopted by the Board of Directors of Bidvest Insurance Brokers (Pty) Ltd on 17 February 2014.
The following definitions are extracted from the FAIS Act 37 of 2002 and Board Notice 58 of 2010.