The Company and/or the Company’s licensors own all the intellectual property rights and materials as are contained on this Website.
A User is granted a limited license only for purposes of utilising this Website.

A User may not:

• publish or mirror any of this Website’s material in any media whatsoever;
• use this Website for any objectionable or unlawful purpose, including the posting of any threatening, libellous, defamatory, obscene, scandalous, inflammatory, pornographic, profane or spam material;
• take any action that may impose an unreasonable or disproportionately large load on this Website’s infrastructure of any nature;
• use this Website in any manner would result in a User breaching any applicable legislation or licensing obligations (including with respect to privacy) or any obligations a User may owe to third parties;
• conduct any activity which compromises or breaches any third-party’s patent rights, trademark, copyright or other intellectual property rights;
• introduce any virus, worm, trojan horse, malicious code or other program which may damage computers or other computer-based equipment of the Company or affect the performance of this Website;
• engage in any data mining, data harvesting, data extracting or any other similar activity in relation to this Website;
• use this Website contrary to applicable laws and regulations, or in any way may cause harm to the Website, or to any person or business entity;
• use this Website to engage in any advertising or marketing other than in a manner expressly permitted by the Website;
• crawl, spider or scrape the content of the Website, except to the extent required by recognised search engines (e.g. Google) for the purposes of indexing this Website; or
• provide unauthorised interfaces to the Website.

Certain areas of this Website may be restricted from being accessed by a User, and the Company may further restrict access by a User to any areas of this Website, at any time, in its absolute discretion. Any user ID and password a User may have for this Website are confidential and a User must maintain confidentiality as well.

In these Terms, “a User’s Content” shall mean any audio, video text, images or other material a User may choose to display on this Website, if applicable. By displaying a User’s Content, a User grants the Company non-exclusive, worldwide irrevocable, sub licensable license to use, reproduce, adapt, publish, translate and distribute it in any and all media.

A User’s Content must be a User’s own and must not be invading any third-party’s rights. The Company reserves the right to remove any of a User’s Content from this Website at any time without notice.

This Website may contain links or portals to other websites. The Company has no control over websites operated by third parties and a User agrees that the Company is not responsible for and will have no liability in connection with a User’s access to or use of any third-party website.

No Warranties

This Website is provided “as is” with all faults, and the Company expresses no representations or warranties, of any kind related to this Website or the materials contained on this Website.

The Company cannot guarantee or warrant that any file downloaded from this Website or delivered to a User will be free of infection or virus, worms, trojan horses or other code that has contaminating or destructive qualities. A User is responsible for implementing appropriate processes, systems and procedures to circumvent this type of issue.

Limitation of Liability and Indemnification
In no event shall the Company, or any of its officers, directors and employees, be held liable for anything arising out of or in any way connected with a User’s use of this Website whether or not such liability is under contract, delict or otherwise.

A User indemnifies the Company and agrees to keep the Company indemnified, from and against any claim, loss, damage, cost or expense that the Company may suffer or incur as a result of or in connection with a User’s improper use of or conduct in connection with this Website, including any breach by a User of these terms or any applicable law or licensing requirements.

To the extent that the Company’s liability cannot be excluded by law, the Company’s maximum liability, whether in contract, equity, statute or tort (including negligence), to a User will be limited to the minimum amount imposed by such law.

Notwithstanding anything to the contrary in these Terms, in no circumstances will the Company be liable for any indirect, punitive or consequential loss or damages, loss of income, profits, goodwill, data, contracts, use of money or any loss or damages arising from or in any way connected to interruption of this Website of any type, whether in delict, contract or otherwise.

If any provision of these Terms is found to be invalid under any applicable law, such provisions shall be deleted without affecting the remaining provisions herein.

To the extent permitted by law, the Company is permitted to revise these Terms at any time as it sees fit, without prior notice to Users, and any revisions to the Terms will take effect when posted on this Website, unless a later date is stated in the revised Terms. A User’s continued use of this Website will be construed as a User’s consent to the amended or updated Terms, and will be conditional upon the Terms in force at the time of use. A User’s only remedy, should such User not agree to these amended Terms, is to stop the use of this Website.

These Terms constitute the entire agreement between the Company and a User in relation to a User’s use of this Website (unless a more specific agreement has been entered into in this regard).

These Terms will be governed by and interpreted in accordance with the laws of the Republic of South Africa.

A User and the Company choose as their respective domicilium citandi et executandi for the purpose of legal proceedings and for the purpose of giving or sending any notice provided for or necessary of these Terms, the following:

The Company: Suite 31, 135 Daisy Street, Sandown Sandton 2031
info@point-point.co.za

The address as provided when registering on this Website, or if no registration is applicable on the Website, as nominated by the User.

Both a User and the Company may change its domicilium to any other physical address or email address by written notice to the other to that effect. Such change of address will be effective 7 (seven) days after receipt of notice of change of domicilium.

All notices to be given in terms of these Terms will:

• be given in writing;
• be delivered or sent by email; and
• be presumed to have been received on the date of delivery.

Notwithstanding the above, any notice actually received by the other will be deemed to have been properly given and received, notwithstanding that such notice has not been given in accordance with the provisions of this clause.

1. BACKGROUND
As Financial Services Provider (FSP) we must be able to demonstrate that we have a TCF culture embedded in our business, proven and supported by appropriate controls, governance structures, management information and self-assessments.

Delivering these outcomes will require action by both the FSCA and FSP. The FSCA will expect a great amount of disclosure from us as financial services provider, including certain reports and evidence that we have embedded TCF in our culture. The FSCA will develop a regulatory framework consisting of conduct principles as well as explicit rules within which we should conduct our business and adherence to the framework will be enforced.

According to the FSCA, implementing TCF should not be regarded as a compliance project, or a once-off project. It is an ongoing, evolving and ultimately permanent feature of an FSP’s approach to its business.
Point to Point Capital (Pty) Ltd has implemented this policy to ensure that any financial services are rendered in the interest and fair treatment of clients.

2. POLICY CONTEXT

The expectations of the FSCA can be summarised as below:

As financial services provider we will ultimately have to demonstrate that we are consistently treating clients fairly.

OUTCOME 1: CULTURE

According to the FSCA, the primary responsibility of financial services providers will be to demonstrate achievement of the first fairness outcome: that the fair treatment of clients is central to our business’ culture.

Furthermore according to the FSCA, if such a culture is truly embedded in a financial services business, delivery of the remaining five fairness outcomes should follow as a matter of course. In order to get embedded in the culture, TCF should be built into certain structures and processes within a business.

The following structures in our business are accordingly aligned with the principles of TCF:

1. Leadership

Management will be held accountable for TCF.

As management we have to provide direction to the rest of the business and monitor the delivery of TCF behaviours and outcomes.

2. Strategy

TCF is built into all strategic and business plans and forms part of the continuous strategic planning of the business.

3. Decision-Making

The interest of clients are always taken into account when business decisions are made.

Decisions are tested for the impact on clients and staff are free to evaluate and challenge decisions from a TCF perspective.

4. Governance and Controls

Governance structures and control mechanisms in the business are designed around TCF considerations.

There are information systems in place to monitor and measure our business’ performance in delivering the six outcomes.

We are able to supply evidence that this information was used to identify shortcomings and risks and for setting goals and raising TCF standards.

5. Performance Management

Staff with appropriate values and skills are recruited, while continuous training will be provided on TCF practices.

TCF will form part of performance contracts, which have clear objectives linked to the fair treatment of consumers.

Performance will be evaluated in terms of TCF competence and expectations.

6. Rewards

Remuneration, incentive and reward policies will provide for and entail consequences for TCF successes and failures.

OUTCOME 2: TARGETING CLIENT GROUPS

New product design and launch

While it also remains the product supplier’s responsibility to ensure that a product is appropriate for a particular target market, the FSCA has made it clear that an intermediary should also take responsibility for ensuring that a product is suitable for the particular client concerned (in line with the client’s needs and risk appetite and their ability to afford the product).

As business we are expected to obtain information from the supplier regarding which particular client groups the product or service would be suitable for and the products and services should be targeted accordingly.

An appropriate level of product due diligence is therefore expected from our business. We will strive to know and understand the risks and complexity of products and be able to gauge the impact such a product will have on a client.

We will also assess the suitability of promotional material for the identified target market and evaluate and ensure the clients’ understanding of products or services offered to them.

OUTCOME 3: INFORMATION

Client communications, marketing and financial promotions

Clients will be given clear information and be kept properly informed before, during and after the time of contracting.

We have processes in place to:

• Ensure relevant and adequate product information is provided;
• Ensure any information we provide about another party’s products or services is accurate, clear, fair and not misleading (the process should entail senior management sign-off);
• Rectify a situation where it becomes apparent that information already in circulation does not comply with the above;
• Ensure that product information remains accurate, clear and appropriate;
• Monitor and act on feedback for the improvement of product information.

After contracting, we will have regular, ongoing contact with existing clients to provide them with key information on products at appropriate times. We shall therefore ensure we have up-to-date contact details of clients and that clients are in possession of the correct contact details for the business.

We will keep accurate, retrievable and secure records of all product information provided to clients.

OUTCOME 4:  ADVICE

Sales and advice

Before contracting with a product supplier and marketing certain products, as intermediary we should ensure that the products (and services) are likely to meet our clients’ expectations.

We shall therefore assess whether we have the proper skills and expertise to provide the correct advice for the product we are marketing and that we can provide suitable advice for the market we are targeting.  We will insist on adequate training from product suppliers.  Arrangements will also be made for access to any product information necessary to provide suitable advice.

Controls are in place to prevent representatives of the FSP from providing advice on products they have not received adequate training on.  There are also controls to identify (and act on) instances where representatives have provided advice where they were not authorised to provide and to compensate clients who have suffered financial loss as a result of inappropriate advice.

We will continuously monitor feedback or complaints from clients about advice, in order to identify training needs.  We will also provide product suppliers with feedback about aspects of their products or services that inhibit our ability to provide suitable advice.

We will identify and address any conflicts of interest there may be between the intermediary, supplier and client.

Incentive or remuneration targets of all representatives will include TCF measures.

OUTCOME 5:  DELIVERY

After sales service:  product performance

The products provided to clients should perform as financial services providers have led them to expect and the associated service should both be of an acceptable standard and what clients have been led to expect.

Where third parties (such as product suppliers, administrators, etc.) are involved in providing products or services to our clients:

• An appropriate due diligence of the third party will be conducted before dealing with them to ensure TCF principles are adhered to by such party;
• Agreements are in place regarding each party’s responsibilities to ensure fair treatment of clients;
• The third party’s treatment of clients should be monitored.

We will closely monitor environmental, regulatory and economic developments that could impact the extent to which products will meet clients’ expectations.

We have processes in place to mitigate the risks to clients where it becomes clear that products are not performing (or are unlikely to perform) as the clients have been led to expect.

Clients will be alerted to the risks of particular actions and non-action on our part (such as early termination of a product, non-payment of contributions, failure to review insurance needs, investment goals and risk profiles, etc.).

Clear service standards are in place for client services and the standards are tested regularly to determine if we are in line with client expectations.

Management information is available on how client expectations are met.
Processes are in place to protect the confidentiality of clients’ personal information.

OUTCOME 6:  POST-SALE TREATMENT

Complaints handling

Clients will not face unreasonable post-sale barriers to change a product, switch provider, submit a claim or make a complaint.

Changing products

Clients are informed of the changes we may make to products if their needs or circumstances change and when the intermediary becomes aware of a change in a client’s needs or circumstances, the client will be informed about the changes we may need to consider to meet changing requirements.

Clients will also be informed of the service standards for processing changes and when a request for a product change is received, the client will be informed of the potential risks associated with the change. Where a request for a product change is declined, the client will receive clear reasons for it.

Switching providers:

There are clear service standards for processing switches to other providers and clients will be informed of any risks associated with the switch.

Insurance (long- and short-term risk):

Before recommending an insurer, the intermediary should consider the claims repudiation and handling experience of different insurers.  Prior to contracting, clients have to be informed of the circumstances under which claims or disbursement requests will not be processed and the client’s obligations in this regard must be explained.

Clients will be informed of how to submit a claim or disbursement request, of the service standards, as well as the information needed to process the claim or request.  Once a claim has been received, clients will be kept informed of the progress.

The client’s expectations and the intermediary’s TCF objectives have to be considered before repudiating or declining a claim or disbursement request.

Where a claim gets repudiated or a disbursement request declined, the client will be given clear reasons for this.

Complaints handling:

Clients will be informed of how to complain, about service standards for the processing of complaints and about options for further recourse.

Record will be kept of complaints and the root cause for complaints should be determined to identify risks of miss-selling.

When a complaint has been received, clients will be kept informed of the progress and when responding to a complaint, clear reasons will be provided for the response, with supporting evidence where relevant.

A follow-up will be done to determine client satisfaction after the finalisation of complaints.

For intermediaries, TCF responsibilities do not only refer to the advice provided to clients; we span the entire culture and day-to-day operation of the business.

The fact that TCF regulations are principles-based makes them open to interpretation, which makes it imperative for financial services providers to keep evidence that we have made every effort to ensure client fairness throughout every process.

We acknowledge that the FSCA will not accept an intermediary’s abdication of responsibilities on any of the outcomes, as we are expected to retain a certain amount of responsibility on each.

In summary, financial services providers will be expected to have a culture to which TCF is central; we should ensure the correct product is targeted at the correct individual client; we should provide clear information to clients, which falls within the realm of suitable advice that takes account of clients’ circumstances and we should also ensure that we are familiar with the products we sell, including any post-sale barriers.

This policy document will be reviewed on an annual basis and amended where necessary.

ADDITIONAL DOCUMENTS

Please send an email to info@point-point.co.za to request copies of the following documents:

• Conflict of Interest Management Framework and Policy
• Complaints Management Framework and Policy
• Promotion of Access to Information Policy and Guide