intermediary information

Lead

Thousands of intermediaries look to the FIA to lead and equip them in their quest to deliver trustworthy, professional advice to their clients. The FIA’s primary purpose is to represent, protect, promote and further the common interests of its members. By belonging to the FIA, intermediaries can trust that they have the support of an influential organisation with the necessary stature and legitimacy to represent them at the highest levels of the industry, including regulatory bodies and industry associations.

tHe fia - on your side

The Financial Intermediaries Association of Southern Africa (FIA) represents more than 15 000 licensed financial services advisers throughout Southern Africa. The origins of the FIA date back more than 50 years, with the organisation having recently evolved into a single, united national body represent-ing the bulk of active licensed intermediaries in South Africa’s financial services industry.

The FIA enjoys a large and steady national membership comprising financial services intermediaries who cover the broad spectrum of financial planning.

tHe fia’s structure

The FIA is a non-profit organi-sation which is governed by a board of directors, democrati-cally elected by its members. The association is managed by a full-time secretariat and is headed by the chief execu-tive officer. The FIA operates nationally via seven provincial divisions and 24 branches.

Executive Committees

Four executive portfolio com-mittees representing health-care, short-term insurance, employee benefits and finan-cial planning formulate and discuss FIA policy guidelines. These committees consist of industry experts who meet regularly to provide input and expertise from various disciplines within the indus-try. All the committees seek to address legislative and regulatory matters governing their respective fields as well as operational issues that im-pact on intermediaries in dif-ferent industries.

a) Short-term Insurance

The short-term insurance ex-ecutive committee takes care of personal lines, corporate and commercial matters via two sub-committees. Other smaller working committees - many in conjunction with the South African Insurance Association and its subsid-iaries such as the South Afri-can Crime Bureau, Fraudline and Intermediaries Guaran-tee Fund - ensure participa-

tion across a range of mat-ters, including several of the specialist short-term insur-ance sub-sectors. Members represented by this commit-tee include several corporate broking firms and many indi-vidual intermediaries.

b) Financial Planning

The financial planning execu-tive committee oversees long-term insurance, collective in-vestment schemes, retirement funds, assistance business and related long-term investments. The disciplines of tax, retire-ment and estate planning and business insurance are repre-sented along with basic forms of risk cover. Corporate and individual brokerages operat-ing in select markets and those offering general financial plan-ning advice are represented on this committee.

Ongoing communication is main-tained with various industry bod-ies as well as representatives of long-term insurance companies. In executing its role, this com-mittee frequently interacts with the Financial Planning Institute on matters of common interest.

Lead

Thousands of intermediaries look to the FIA to lead and equip them in their quest to deliver trustworthy, professional advice to their clients. The FIA’s primary purpose is to represent, protect, promote and further the common interests of its members. By belonging to the FIA, intermediaries can trust that they have the support of an influential organisation with the necessary stature and legitimacy to represent them at the highest levels of the industry, including regulatory bodies and industry associations.

tHe fia - on your side

The Financial Intermediaries Association of Southern Africa (FIA) represents more than 15 000 licensed financial services advisers throughout Southern Africa. The origins of the FIA date back more than 50 years, with the organisation having recently evolved into a single, united national body represent-ing the bulk of active licensed intermediaries in South Africa’s financial services industry.

The FIA enjoys a large and steady national membership comprising financial services intermediaries who cover the broad spectrum of financial planning.

tHe fia’s structure

The FIA is a non-profit organi-sation which is governed by a board of directors, democrati-cally elected by its members. The association is managed by a full-time secretariat and is headed by the chief execu-tive officer. The FIA operates nationally via seven provincial divisions and 24 branches.

Executive Committees

Four executive portfolio com-mittees representing health-care, short-term insurance, employee benefits and finan-cial planning formulate and discuss FIA policy guidelines. These committees consist of industry experts who meet regularly to provide input and expertise from various disciplines within the indus-try. All the committees seek to address legislative and regulatory matters governing their respective fields as well as operational issues that im-pact on intermediaries in dif-ferent industries.

a) Short-term Insurance

The short-term insurance ex-ecutive committee takes care of personal lines, corporate and commercial matters via two sub-committees. Other smaller working committees - many in conjunction with the South African Insurance Association and its subsid-iaries such as the South Afri-can Crime Bureau, Fraudline and Intermediaries Guaran-tee Fund - ensure participa-

tion across a range of mat-ters, including several of the specialist short-term insur-ance sub-sectors. Members represented by this commit-tee include several corporate broking firms and many indi-vidual intermediaries.

b) Financial Planning

The financial planning execu-tive committee oversees long-term insurance, collective in-vestment schemes, retirement funds, assistance business and related long-term investments. The disciplines of tax, retire-ment and estate planning and business insurance are repre-sented along with basic forms of risk cover. Corporate and individual brokerages operat-ing in select markets and those offering general financial plan-ning advice are represented on this committee.

Ongoing communication is main-tained with various industry bod-ies as well as representatives of long-term insurance companies. In executing its role, this com-mittee frequently interacts with the Financial Planning Institute on matters of common interest.

c) Healthcare Committee

The healthcare committee fo-cuses on medical schemes and related health insurance mat-ters, mainly with regard to the provision of advice on funding benefits. Corporate and indi-vidual healthcare advisers are represented by this committee. The healthcare committee has extensive interaction with vari-ous regulatory bodies - an es-pecially important role con-sidering that dual control is exercised by regulators in both the medical and financial are-nas. It also liaises with admin-istrators and risk cover provid-ers. In an effort to present a uniform voice on important is-sues, the healthcare committee participates in the Joint Broker Forum together with several other related bodies.

d) Employee Benefits Committee

The employee benefits execu-tive committee represents cor-porate and individual admin-istrators. It also maintains close contact with retirement benefit bodies and is repre-sented on several committees of the Institute of Retirement Funds and The Pension Law-yers Association. Interaction with the Principal Officers As-sociation and the Financial Planning Institute facilitates the promotion of common in-terests. A Joint Management

Forum alliance has also been formed to broaden represen-tation to various authorities.

International Affiliations

The FIA is a founding mem-ber of the World Federation of Insurance Intermediaries (WFII) and a member of the Council of International In-surance Broker Associations (CIIBA). These affiliations enable the FIA to influence international developments and provide members with in-formation on the latest global developments within the inter-mediary segment of the insur-ance industry. The FIA’s as-sociation with the WFII helps benchmark local practices against global standards and provides guidance for policy development.

WHy beLong to tHe fia?

Intermediaries who are mem-bers of the FIA stand to benefit from the association’s:

•Commitment to improving and promoting the image and standing of the intermediary industry;

• Representation of intermedi-

aries’ interests with regard to existing and future legis-lation that may impact mem-bers’ businesses;

•Protection of financial ser-vices intermediaries’ in-tegrity and taking the necessary steps, including disciplinary action, against defaulting members;

•Relationships with other na-tional and international bodies or organisations that have sim-ilar objectives such as LIMRA and IQA;

•Networking opportunities at a local and national level;

•Facilitation of training for members;

•Provision of information to members which can assist them in their profession;

•Interpretation of relevant in-formation and influencing on the regulatory process;

•Opportunity for members to gain management experience;

•Provision of comprehensive com-pliance assistance and guidelines;

•Objective assessment of insur-ance products and services;

to pr

otect

Protect

Within the context of increasingly stringent regulation of finan-cial services intermediaries, the FIA plays an important role in safeguarding the sustainability of the industry. By engaging with regulatory authorities and elevating levels of professional-ism amongst its members, the FIA helps to influence the long-term outlook of thousands of intermediaries’ businesses across South Africa.

The FIA is dedicated to promoting the role, value and image of intermediaries with the general public. This includes implement-ing initiatives such as targeted communication and consumer education campaigns that highlight the benefits of consulting a financial services adviser.

The FIA’s Code of Conduct ensures that all FIA-accredited interme-diaries are held to the strictest ethical standards, thus providing consumers with peace of mind that they will receive the best pos-sible advice and service.

c) Healthcare Committee

The healthcare committee fo-cuses on medical schemes and related health insurance mat-ters, mainly with regard to the provision of advice on funding benefits. Corporate and indi-vidual healthcare advisers are represented by this committee. The healthcare committee has extensive interaction with vari-ous regulatory bodies - an es-pecially important role con-sidering that dual control is exercised by regulators in both the medical and financial are-nas. It also liaises with admin-istrators and risk cover provid-ers. In an effort to present a uniform voice on important is-sues, the healthcare committee participates in the Joint Broker Forum together with several other related bodies.

d) Employee Benefits Committee

The employee benefits execu-tive committee represents cor-porate and individual admin-istrators. It also maintains close contact with retirement benefit bodies and is repre-sented on several committees of the Institute of Retirement Funds and The Pension Law-yers Association. Interaction with the Principal Officers As-sociation and the Financial Planning Institute facilitates the promotion of common in-terests. A Joint Management

Forum alliance has also been formed to broaden represen-tation to various authorities.

International Affiliations

The FIA is a founding mem-ber of the World Federation of Insurance Intermediaries (WFII) and a member of the Council of International In-surance Broker Associations (CIIBA). These affiliations enable the FIA to influence international developments and provide members with in-formation on the latest global developments within the inter-mediary segment of the insur-ance industry. The FIA’s as-sociation with the WFII helps benchmark local practices against global standards and provides guidance for policy development.

WHy beLong to tHe fia?

Intermediaries who are mem-bers of the FIA stand to benefit from the association’s:

•Commitment to improving and promoting the image and standing of the intermediary industry;

• Representation of intermedi-

aries’ interests with regard to existing and future legis-lation that may impact mem-bers’ businesses;

•Protection of financial ser-vices intermediaries’ in-tegrity and taking the necessary steps, including disciplinary action, against defaulting members;

•Relationships with other na-tional and international bodies or organisations that have sim-ilar objectives such as LIMRA and IQA;

•Networking opportunities at a local and national level;

•Facilitation of training for members;

•Provision of information to members which can assist them in their profession;

•Interpretation of relevant in-formation and influencing on the regulatory process;

•Opportunity for members to gain management experience;

•Provision of comprehensive com-pliance assistance and guidelines;

•Objective assessment of insur-ance products and services;

to pr

otect

Protect

Within the context of increasingly stringent regulation of finan-cial services intermediaries, the FIA plays an important role in safeguarding the sustainability of the industry. By engaging with regulatory authorities and elevating levels of professional-ism amongst its members, the FIA helps to influence the long-term outlook of thousands of intermediaries’ businesses across South Africa.

The FIA is dedicated to promoting the role, value and image of intermediaries with the general public. This includes implement-ing initiatives such as targeted communication and consumer education campaigns that highlight the benefits of consulting a financial services adviser.

The FIA’s Code of Conduct ensures that all FIA-accredited interme-diaries are held to the strictest ethical standards, thus providing consumers with peace of mind that they will receive the best pos-sible advice and service.

suPPort

From large corporates to the individual entrepreneur, the FIA implements various programmes and initiatives designed to meet the needs of each of its members.

Specialised portfolio committees ensure that the interests of finan-cial intermediaries operating in different fields including health-care, short-term insurance, employee benefits and financial plan-ning are represented in the broader financial services industry. By providing members with the necessary support and informa-tion, the FIA aims to equip intermediaries with the means to grow their businesses.

to su

ppor

t •Alerts to members about po-

tential malpractices by non-approved service providers.

otHer member benefits

In addition, the FIA provides members with the following benefits:

•Comprehensive group life cover;

•Income protection cover;

•Professional indemnity insur-ance scheme; and

•Funeral cover.

fia membersHiP

The FIA considers member-ship applications from corpo-rate insurance brokerages and individual intermediaries who are licensed financial services providers or representatives of these providers.

In terms of the FAIS Act, all members of the FIA must ad-here to the requirements pre-scribed by the Act and its regu-lations. FIA members are also obliged to conduct their busi-ness in terms of the FIA’s Code of Conduct. This ethical code

strives to ensure that interme-diaries maintain a professional relationship with their clients, one another, regulators and product suppliers.

code of conductIn order to maintain a high level of professionalism in the fi-nancial services market, all FIA members are required to, amongst others, subscribe to the association’s own Code of Conduct which stipulates that they should:

•Conduct their business activi-ties in the utmost good faith, with honesty, transparency and integrity;

•Consider the interests of their clients above all else;

•Honour the obligatory con-fidentiality requirements of members toward their cli-ents;

•Comply with all legislation and regulations relating to the financial services indus-try; and

•Avoid any behaviour that may be damaging to the image of the FIA or its members.

suPPort

From large corporates to the individual entrepreneur, the FIA implements various programmes and initiatives designed to meet the needs of each of its members.

Specialised portfolio committees ensure that the interests of finan-cial intermediaries operating in different fields including health-care, short-term insurance, employee benefits and financial plan-ning are represented in the broader financial services industry. By providing members with the necessary support and informa-tion, the FIA aims to equip intermediaries with the means to grow their businesses.

to su

ppor

t

•Alerts to members about po-tential malpractices by non-approved service providers.

otHer member benefits

In addition, the FIA provides members with the following benefits:

•Comprehensive group life cover;

•Income protection cover;

•Professional indemnity insur-ance scheme; and

•Funeral cover.

fia membersHiP

The FIA considers member-ship applications from corpo-rate insurance brokerages and individual intermediaries who are licensed financial services providers or representatives of these providers.

In terms of the FAIS Act, all members of the FIA must ad-here to the requirements pre-scribed by the Act and its regu-lations. FIA members are also obliged to conduct their busi-ness in terms of the FIA’s Code of Conduct. This ethical code

strives to ensure that interme-diaries maintain a professional relationship with their clients, one another, regulators and product suppliers.

code of conductIn order to maintain a high level of professionalism in the fi-nancial services market, all FIA members are required to, amongst others, subscribe to the association’s own Code of Conduct which stipulates that they should:

•Conduct their business activi-ties in the utmost good faith, with honesty, transparency and integrity;

•Consider the interests of their clients above all else;

•Honour the obligatory con-fidentiality requirements of members toward their cli-ents;

•Comply with all legislation and regulations relating to the financial services indus-try; and

•Avoid any behaviour that may be damaging to the image of the FIA or its members.

ContaCt us

To find out more about the FIA and how to become a member, please visit

our website to fill in an online application form or alternatively use

our contact details below:

Physical address: Corporate Corner Unit No 9

Cnr John Vorster & Marco Polo Drive Centurion

Gauteng

Postal address:P O Box 11901

Centurion 0046

Tel: 012 665 0085Fax: 012 665 0534

E-mail: info@fia.org.zaWebsite: www.fia.org.za