FAIS: Are EOH Staff Compliant?

The Financial Advisors and Intermediaries Act (FAIS) dictate that all parties subject to the Act must be licensed to continue business by 30 September 2004. The Act doesn’t require that verifiers, investigators, adjusters and assessors should be compliant. Although most of our operational staff are complaint with the relevant required credits in terms of the FAIS act, they are not registered as FAIS representatives rendering financial advice.

They perform the following services:

  • Whether the loss is covered in terms of the insurance contract and schedule
  • Client’s compliance with warranties and guarantees
  • Circumstances of a loss
  • Identification of lost/stolen/damaged property
  • Determination of the extent of the loss/damage
  • Liaison and/or appointment of, amongst others:
    • South African Authorities,
    • SADC and international authorities i.e. Interpol
    • Tracking and recovery institutions
    • Specialists and forensic experts and practitioners
    • Lawyers & Senior Council
    • Accountants & Actuaries
    • South African Revenue Service including Customs and Excise
    • Service Providers including salvage and disposal
  • Identification of liability and/or recovery rights
  • Risk exposure and guidance regarding warranties to prevent/reduce severity in future

Professional Body: Are You A Member Of The Institute Of Loss Adjusters?

EOH specialises in the validation, verification and investigation of high risk claims. Adjustment is a small, yet integral step during the process of validation. We are not members of the ILASA.

The Association of Certified Fraud Examiners is the only SAQA registered professional body as required in the National Qualifications Framework Act, Act 67 of 2008. This Act defines what a professional body is, what a professional designation is, and thereby also stipulate who will be regarded as a professional and an expert in South Africa.

A Professional body is defined as a body of expert practitioners in an occupational field, and includes an occupational body. Professional designation is defined as a title or status conferred by a professional body in recognition of a person’s expertise and/or right to practice in an occupational field. This officially affords professional status to everybody with the CFE qualification, and recognizes the ACFE SA as constituted to represent and/or regulate a recognized community of experts.

The ACFE furthermore offers various training and education courses and meeting nationally and internationally providing approximately 120 CPE points per annum.

EOH Forensic Services chief executive officer has been elected as the President of the Association of Certified Fraud Examiners (ACFE) – The South African Chapter. The Censeo operational and executive team currently includes 25 Certified Fraud Examiners (CFE’s). All other operational employees are registered corporate members of the ACFE SA. Our Code of Conduct is based on the ACFE International Code of Ethics and Professional Standards which are internationally recognised.

Crime Prevention: What Is EOH’s Involvement In Combatting Financial Crimes In South Africa?

EOH Forensic Services chief executive officer is the founder and inaugural chairman of the Board of Directors of the South African Insurance Crime Bureau. The South African Insurance Crime Bureau (SAICB) was officially launched in 2008 to address organised fraud and crime in the short term insurance industry. Since then, the SAICB has established itself not only as a valuable tool in the fight against insurance fraud and related crimes, but has also brought the various agencies working in the broader fight against commercial crime closer together for the benefit of all.

EOH is also involved as members and in committees of several other anti-fraud initiatives, including but not limited to:

  • National Vehicle Crime Forum
  • Provincial Vehicle Crime Forums
  • International Association of Arson Investigators and the Fire Protection Association
  • Several Commercial Crime, Economic Crime and Financial Crime Committees
  • SAPS/SAICB Cross border vehicle recovery initiative
  • IAATI – International Association of Auto Theft Investigators
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