The Verso Story

The Verso Group of Companies, a Group that has a national footprint, is comprised of private companies functioning primarily in the financial services sector. The founding company of the Group, Verso Financial Services (VFS), is a Registered Financial Services Provider, approved and regulated by the Financial Services Board. Established in June 2000 as a provider of pension/retirement fund administration services, VFS soon expanded to incorporate a dynamic and independent employee benefit and group risk benefit consulting team.

The Verso Group, which has experienced exceptional growth since inception, is now an established and trusted brand in the industry. In line with the Group’s philosophy of providing related services, it now incorporates Verso Health, Verso Wealth, Verso Money Brokers, Verso Funds Administrator and Verso Agri Consult, in the Group. In addition, VFS also has shareholding in a company that provides member communication to retirement fund members.

As a serious user of technological infrastructure, Verso has invested substantially in the software and infrastructure of IT services. VFS is one of a few administrators who own and develop its own administration software and have obtained an ISAE 3042 type II report, which confirms that their business processes and controls are of a world-class standard. Ongoing plans for further growth will be announced at a later date.

VFS has been licensed by the Financial Services Board to provide retirement fund administration services and currently administers over 80 000 members with fund assets exceeding R23 billion. Furthermore, Verso consults to more than 530 employers with regards to employee benefits. The 125 plus highly motivated and qualified professionals employed by the Group, have decades of experience between them.

VFS was built on honesty, transparency, integrity, trust and innovation and these foundational principles still resonate in everything the Group is and does today.

Reputation

Taking root in the financial services sector, Verso has developed a reputation for exceptional service, reliability and consistency. Our personalized approach to customer service sets us apart from our competitors. We are motivated to educate our clients so we can assist them in making informed decisions. Our aim is to minimize the distance between the service we provide and the expectation of the client.

The Board of Directors and management of Verso are committed to maintaining a strong control environment throughout the organisation. Management sought to strengthen this commitment through an independent evaluation that was conducted by PricewaterhouseCoopers Inc. (PWC) in accordance with the International Standard on Assurance Engagements (ISAE) No. 3402, during 2014.

PWC issued two ISAE 3402 reports, namely a Type 1 and a Type 2. The Type 1 Report assessed the system description and design of controls at a point in time. The Type 1 Report was issued as at 31 October 2013.

The Type 2 Report not only assessed the system description and design of controls, but also included tests of the operating effectiveness of Verso’s controls over a period. The Type 2 Report was issued for the period 1 January 2014 to 30 June 2014.

The opinion expressed by PWC, confirmed that Verso is maintaining a strong and effective control environment.

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