Legal compliance

The compliance function’s purpose is to provide assurance to the board that the group is compliant with applicable legislation. Within the group, the compliance function is split into two areas. One focuses on general compliance and on the co-ordination of group compliance, and the other on credit compliance.

The changes to the group’s practices and operations required by the National Credit Act were managed effectively.

In anticipation of the enactment of the Consumer Protection Bill, a forum within the group is monitoring the progress of the Bill with the objective of ensuring that the group will be in compliance with provisions relevant to it once legislation based on the Bill has been finalised and promulgated.

The provisions of the Corporate Laws Amendment Act were also implemented and developments regarding the Companies Bill are being monitored.

The Protection of Personal Information (concept) Bill and its progress towards enactment are also being closely monitored to ensure that the group will comply with this legislation once made law.

The Group Compliance Officer does regular report-backs to the audit committee.

The responsibilities of the compliance function include:

  • identifying and advising the group on existing and new legislation that is applicable to the group’s business;
  • facilitating compliance with relevant legislation and assigning responsibility for areas of compliance;
  • facilitating compliance with internal policies, rules, guidelines and procedures; and
  • monitoring of compliance.

The internal audit division and the Group Compliance Officer work closely together. Where significant compliance issues are identified they are referred for independent review to outsourced experts.