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HALFWAY SERVICE STATION CC T/A HALFWAY TOYOTA SCOTTBURGH CONFLICTS OF INTEREST MANAGEMENT POLICY
In terms of the Financial Advisory and Intermediary Services Act, Act No 37 of 2002 and its subordinate legislation, Halfway Service station cc T/A Halfway Toyota Scottburgh is required to maintain and operate effective organizational and administrative arrangements with a view to taking all reasonable steps to identify, monitor and manage a conflict of interest. Our success is based on building long term relationships with clients, staff and suppliers which is supported by the number of industry awards that we have received. Consequently, there has to exist a duty of loyalty and fidelity by management and staff who have the responsibility of administering our affairs honestly and prudently, and of exercising their best care, skill, and judgment for the sole benefit of clients. Those persons must exercise the utmost good faith in all transactions involved in their duties, and they must not use their positions within the company or knowledge gained there for their personal benefit.
We have put in place a policy to ensure fair treatment and safeguard our client’s interests. The key formation is summarized below.
Conflict of Interest means any situation in which a provider or a representative has an actual or potential interest that may, in rendering a financial service to a client;
Halfway Service Station cc T/A Halfway Toyota Scottburgh is an authorized financial services provider. Any financial services provider, such as Halfway Service Station cc T/A Halfway Toyota Scottburgh, is potentially exposed to a conflict of interest in relation to various activities. However, the protection of our client's interests is our primary concern as stated in our policy:
Potential areas in which conflict of interest may arise
In determining whether there is or may be a conflict of interest to which the policy applies, Halfway Service Station cc T/A Halfway Toyota Scottburgh considers whether there is a material risk of damage to the client, taking into account whether Halfway Service Station cc T/A Halfway Toyota Scottburgh, a representative or an employee thereof –
In respect of Halfway Service Station cc T/A Halfway Toyota Scottburgh we have indentified the following areas where conflicts of interests may arise
The list of areas where conflicts of interests may arise is not conclusive. These areas will be reviewed continuously. Employees are expected to act in the best interests of clients at all times. It is therefore their responsibility to avoid any conflicts of interests and where avoidance is not possible, ensure that all conflicts of interests are disclosed to clients to enable them to make an informed decision at all times.
Scottfin Insurance Brokers- leads are sent to Scottfin insurance brokers for purposes of providing clients with quotes for comprehensive insurance.
Guardrisk- we own a cell captive within this company. They provide insurance products in respect of purchaser’s protection plan, credit shortfall, mechanical breakdown warranty, bodyline warranty and tyre and rim warranty.
International Underwriters and Administrators- provides administration services to Guardrisk Insurance Company, our cell captive with whom we place insurance products in respect of purchase protection plan.
Measures of avoidance/ mitigation
The measures Halfway Service Station cc T/A Halfway Toyota Scottburgh have adopted to manage identified conflict is summarized below. We consider them appropriate in our efforts to ensure that reasonable care is taken, in relation to each identified potential conflict of interest, and to act impartially to avoid a material risk of harming clients' interests.
We have adopted appropriate procedures throughout our business to manage a potential conflict of interest. Our mandatory’s and employees receive guidance and training in these procedures and they are subject to monitoring and review processes. Every employee is expected to adhere to the provisions of this policy:
This policy will be reviewed annually to implement any change in our company structure and include any other areas where conflicts of interest may arise which have not been included here.