COI Policy


1. POLICY

Quoin Wealth (Pty) Ltd expects all its employees to maintain the highest standards in carrying out their business activities, adhering to legislative requirements and policies on business conduct. It further expects its employees to act professionally, honestly and ethically in all their dealings with clients, colleagues and third parties.

Quoin Wealth (Pty) Ltd has a clear policy on Conflicts of Interest:

  • Conflicts of Interest should always be avoided, wherever possible.
  • Conflicts of Interest must always be disclosed. Quoin Wealth (Pty) Ltd will not tolerate non-disclosure by its employees.
  • This Conflict of Interest Policy will be enforced within Quoin Wealth (Pty) Ltd to ensure that all employees are aware of the FAIS Conflict of Interest requirements and the policy, controls and procedures put in place by Quoin Wealth (Pty) Ltd as to deal effectively with conflicts of interests within the business.
  • Conflicts of Interest Controls will be implemented as to manage conflicts of interests and to ensure compliance with the FAIS Conflict of Interest requirements.
  • A Conflicts Officer will be appointed as the person primarily responsibility for identifying, recording and managing conflicts of interest within the business and who will be responsible to advise or train all staff in respect of conflicts of interests, including examples or possible conflicts of interest that may emerge.
  • The Conflicts of Interest procedures and their efficacy in operation will be reviewed by senior management of Quoin Wealth (Pty) Ltd in conjunction with compliance.
  • Employees are required to ensure themselves with the requirements set out in this Conflict of interest policy (including in the Conflict of Interest controls and procedures manual). Failure of employees to adhere to these requirements, to notify management of potential conflicts of interests or to avoid/ mitigate any conflicts of interests may result in disciplinary action being taken against the affected individual/s, which action may include dismissal if appropriate.

2. PURPOSE OF THE POLICY

A 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, either influence the objective performance of his/ her obligations to that client; or prevent a provider or representative from rendering an unbiased and fair financial service to that client, or from acting in the best interest of that client, including (but not limited to) financial interest, ownership interest or any relationship with a third party.

The aim of an efficient Conflict of Interest Management Policy is to ensure that there is no unfair treatment of clients or rendering of inappropriate financial services by FSPs.

A conflict of interest may for example arise where a company, or one of its employees, is providing a financial service to its clients and may entail a material risk of damage to those clients’ interests, and whether the company or its employee:

  • is likely to make a financial gain, or avoid a financial loss, at the expense of the client;
  • 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;
  • has a financial or other incentive to favour the interest of another client, or group of clients, over the interests of the client;
  • carries on the same business as the client; or
  • 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 standard commission or fee for that service.

3. MANAGING OF CONFLICTS OF INTEREST

There is the potential for a conflict of interest in any activity, relationship or process that Quoin Wealth (Pty) Ltd may be involved with. Quoin Wealth (Pty) Ltd shall however for the purpose of managing conflict of interests, deal with conflicts of interests as follow:  

  1. identify and report any conflict of interests;
  2. manage the conflict of interest by deciding on the appropriate action;
  3. avoid conflicts of interests, and where this is not possible, to mitigate conflicts of interests;
  4. disclose conflict of interests in writing at the earliest reasonable opportunity to clients.

4. DECLARATION OF THE COMPANY’S OWNERSHIP INTEREST

Neither the Company nor any representative has any actual or potential equity or proprietary interest of any kind in any Third Party (Product Provider) 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 the Company or any representative from rendering an unbiased and fair financial service to that client, or from acting in the interests of that client.

Neither the Company 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 the Company or any representative from rendering an unbiased and fair financial service to that client, or from acting in the interests of that client.

5. DECLARATION OF OWNERSHIP INTEREST IN THE COMPANY

No Third Party (Product Provider) has any actual or potential equity or proprietary interest of any kind in the business of the Company 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 the Company or any representative from rendering an unbiased and fair financial service to that client, or from acting in the interests of that client.

No Third Party (Product Provider) receives any actual or potential dividend, profit share or similar benefit to the Company 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 the Company or any representative from rendering an unbiased and fair financial service to that client, or from acting in the interests of that client.

6. DECLARATION OF RELATIONSHIP WITH THIRD PARTIES

Neither the Company nor any representative has any actual or potential relationship with any Third Party (Product Provider) 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 the Company or any representative from rendering an unbiased and fair financial service to that client, or from acting in the interests of that client.

7. LIST OF ASSOCIATES

The Company does not have any associate who is a Third Party (Product Provider) and in respect of whom there is or may be any conflict of interest or any potential conflict of interest.

8. ROLES AND RESPONSIBILITIES

The policy will be:

  • Overseen by the Key Individuals and directors of the FSP who carry the responsibility for the implementation, reviewing and updating of the policy’s associated processes.
  • Reviewed at least annually, and where necessary, updated to ensure that the arrangements remain adequate to identify, assess, evaluate and successfully control conflicts of interest
  • Regularly reviewed by the appointed Compliance Officer, and where necessary, updated to ensure that the arrangements remain adequate to identify, assess, evaluate and successfully control conflicts of interest.

Board of Directors

The Board of Directors is ultimately responsible to ensure compliance with FAIS as one of the key legislation applicable to its business. Conflicts of interest will become a standing agenda item for Board meetings and procedures can be drafted and adopted by the Board to form part of the compliance documentation as to ensure that Conflicts of Interests are properly addressed within the business.

Management

The individuals responsible for the internal oversight function is responsible to implement appropriate processes and procedures for the effective risk management of conflicts of interest and other risks arising within Quoin Wealth (Pty) Ltd. It is the responsibility of senior management to implement conflicts management policies, procedures and controls to manage conflicts effectively.

Conflicts Officer

A Conflicts Officer will be appointed as the person primarily responsibility for identifying, recording and managing conflicts of interest within the business and who will be responsible to advise or train all staff in respect of conflicts of interests, including examples or possible conflicts of interest that may emerge. The Conflicts Officer will keep adequate records of the controls management process, from identification through to effective resolution of the conflict. The Conflicts Officer can prepare a report on the management of Conflicts of Interest for the Board to consider at intervals appropriate to the business.

Compliance

Compli-Serve, as compliance officer of Quoin Wealth (Pty) Ltd to the business of Quoin Wealth (Pty) Ltd. This may involve assessing and evaluating the conflict with Quoin Wealth (Pty) Ltd and decide upon, and implement, an appropriate response to the conflict. Compli-Serve will ensure conflict-monitoring procedures are in place to ensure that any non-compliance with Quoin Wealth (Pty) Ltd conflicts management arrangements are identified and appropriately acted on.

Employees

All employees of the Quoin Wealth (Pty) Ltd are obliged to report actual, perceived or potential conflicts of interest-see procedures above to senior management. The failure of employees to notify management to the potential conflict of interest may result in disciplinary action being taken against the affected individual/s, which may include dismissal if appropriate.