The Financial Intermediaries Association of Southern Africa (FIA) came about with the merging of SAFSIA and the IBC and has been in effective operation from 1^st January 2008.

Both SAFSIA and the IBC had been in operation for more than 27 years and each association had a rich history of representing financial services intermediaries.

The members of the FIA act on behalf of over 80% of all consumers and businesses who purchase short term insurance, over 60% of all life assurance and collective investments transactions, 80% of employee benefits business and a substantial proportion of the medical cover in South Africa.

In July 2008, LUASA (the Association of Professional Financial Planners) merged with the FIA.

Industry role

The FIA has clearly defined its role as being to champion the interests of consumers who require short term insurance, investment and financial planning, medical cover and retirement benefits.

The FIA will do this by representing the vast majority of financial planners and insurance brokers in the country. This will involve the implementation of a code of conduct and ethics, the establishment of technical, educational, advice and professional practice standards, and the upholding of these standards through such important establishments as the Financial Planning Institute and the Insurance Institute.

In doing this, the FIA will interact with the State’s authorities and regulators (such as Parliament’s Portfolio Committee on Finance, the Financial Services Board, National Treasury, Department of Social Welfare and Pensions, the Department of Health and the FAIS Ombud).

A further priority of the FIA will be to act for both consumers and intermediaries in dealings with the life assurers, short term insurers, health care companies, Investment houses and all unit trust and linked product companies and other institutions that supply financial products and services.

The FIA has committed itself to continued collaboration with other intermediary associations and will continue to pursue the vision of a ‘one voice’ structure for the whole industry through which matters of common interest can be channelled when negotiating with the authorities and product supplier associations.