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FISA corporate brochure
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What does “fiduciary” mean?
Latin ‘fiducia’ = trust
An individual or company holding assets for another party, often with the legal authority and duty to make decisions regarding financial matters on behalf of
the other party
A legal duty of loyalty and faithfulness towards another
About FISA
Activities of FISA members include but are not restricted to the drafting of wills, administration of trusts and estates, tax and financial advice and the management of client funds. At 1 May 2010 FISA had 22 member companies and nearly 600 individual members that collectively manage in excess of R200 billion, draft several thousand wills each year and administer some 40 percent of deceased estates handled by the Master’s Office.
FISA was formed in June 2008. The institute has its origins in the Association of Trust Companies, a prestigious body that was founded in 1932 to represent the interests of trust companies and their clients.
FISA’s structureFISA is governed by an executive committee elected by its members. It
has seven special purpose committees comprising experts in the areas of trusts, estates, compliance, tax, education and training, employee-benefit trusts and beneficiary funds.
FISA also has local boards in areas where there is sufficient practitioner representation. This facilitates co-operation at a regional level between members and bodies such as SARS and the Master’s Office.
FISA objectives• Weaimtobeaprofessionalself-
regulating body that represents all fiduciary practitioners.
• Weaimtopartnerwithexisting regulators to proactively influence the effective functioning of the fiduciary
industry in South Africa.• Weaimtoensureaflowofinformation
and dialogue between the regulatory authorities and our members.
• Weaimtocreateaproblemresolutionmechanism between industry and regulators.
• Weaimtosetminimumstandardsof education and experience for our members.
• Weaimtohighlighteducationopportunities for people who want to enter the industry and for those who want to enhance their existing education.
• Weaimtoensureourmemberswilladhere to a code of ethics.
• Weaimtofacilitateacomplaintresolution process against member companies or individual members.
• Weaimtoeffectivelycommunicatestrategic and operations issues to our members.
The Fiduciary Institute of South Africa (FISA) is a non-profit organisation that represents fiduciary practitioners and sets high minimum standards for the industry to protect the public’s interests.
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I deal with fiduciary matters – why should I join FISA?
The fiduciary industry is no exception and South African consumers deserve the protection that an organisation like FISA can provide. As a practitioner, you are also protected by FISA. You gain automatic credibility through your membership.
FISA is committed to promoting the role, value and image of fiduciary practitioners withthegeneralpublic.Wehaveanactivemarketing and media campaign which aims to educate the public on fiduciary matters and highlight the benefit of consulting FISA-accredited members.
As a practitioner, you can rest assured that FISA protects the industry’s good name
through its powers to discipline members and revoke licences if necessary. Read our constitution, code of ethics and disciplinary regulations on our website.
On its members’ behalf, FISA works closely with government, advising on fiduciary law, helping to reduce cumbersome legislation and streamlining many processes, particularly within the offices of the Master of the High Court.
Other membership benefits• recognitionthatyourexperienceand
qualifications are appropriate to offer a high standard of fiduciary service and advice to the public
• permissiontouse“memberoftheFiduciary Institute of South Africa” and the FISA logo on your letterhead and business cards
• currentinformationonourwebsitewhether it be on legislation, industry directives or news in the media
• theabilitytoadvertiseforindustrycompetent staff on the FISA website for a nominal fee
• invitationstojoinandparticipateinregular meetings with industry role players such as SARS and the Master of the High Court.
Growing compliance standards mean that people are increasingly discerning about whom they deal with.
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What can FISA do for me as a consumer?
But how do you know whom to trust with drafting your will, planning your estate and sound tax advice?
FISA is setting new standards for trust. By using an accredited FISA practitioner, you can rest assured that you are dealing with someone who meets rigid minimum standards in fiduciary competence, integrity and honesty and who also has the necessary administration systems to provide a professional service.
Weareheretoprotectyou.Weareaself-regulating body with the powers to discipline members and revoke licences. You can lodge a complaint with us if a practitioner does not adhere to our ethical standards and we can help you resolve disputesinfiduciarymatters.Wewillremain involved until the complaint has been resolved.
So if you are a member of the public, make sure you deal with a FISA-accredited practitioner. Visit our website to see a list of members and read frequently-asked questions at www.fidsa.org.za.
Trust is what you need when planning your affairs to care for your family when you are gone.
How to apply
In this way FISA aims to assist in trans-ferring skills to the broader industry as well as to set and maintain high ethical standards.
FISA certification optionsRead the certification brochure on our website for a detailed description of the different certification options listed below. If you satisfy the requirements for certification, then complete and submit the member registration page.Wewillendeavourtoapprovemembership within two weeks of receiving your application form.
Certificated wills drafter – for practitioners in the field of will draftingCertificated senior wills drafter – for practitioners in the field of will drafting
Certificated estates administrator – for practitioners in the field of deceased estates administrationCertificated senior estates administrator – for practitioners in the field of deceased estates administration Certificated trust administrator – for practitioners in the field of trust administration Certificated senior trust administrator – for practitioners in the field of trust administration Certificated estate and financial planning practitioner – for practitioners in the fields of personal financial, estate and tax planning, personal asset and investment management and personal trust servicesCertificated senior estate and financial
planning practitioner – for practitioners in the fields of personal financial, estate and tax planning, personal asset and investment management and personal trust services.
An industry-level entrance examination is being developed which will further strengthen the above certifications, and before long FISA will also offer practitioners the opportunity to earn continuing professional development (CPD) points.
FISA’s contact details follow overleaf.
FISA actively invites membership from individuals who meet its entry requirements, be they from a legal, accounting, financial planning or other background.
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