The Financial Intermediaries Association of Southern Africa represents the cream of the country’s independent and corporate brokers as well as financial intermediaries operating as tied agents. It came into operation on 1 January 2008 following the merger of the South African Financial Services Intermediaries Association (SAFSIA) and the Insurance Brokers Council (IBC). The recent merger with Luasa (Association of Professional Financial Planners) further strengthened the organization. This new financial services intermediary representative association represents intermediaries who generate over 80% of all short term insurance transactions, over 60% of all life assurance and collective investments transactions, and 80% of employee benefits business in South Africa.
The FIA currently represents more or less 15 000 financial intermediaries.
The FIA Charter
We are a recognized professional organization representing our members with a code of conduct governing our behaviour. We exist to serve our members and promote our image through industry representation and the provision of services including the development of the industry market.
The FIA is committed to continue collaborating with other intermediary associations and will continue to pursue the vision of a ‘one voice’ structure for the Intermediaries in the insurance industry through which matters of common interest can be channelled when negotiating with the authorities and product supplier associations.
The FIA is committed to maintaining and enhancing the professionalism of its members and in so doing rendering a professional service to the consumer public through its members.
We strive for recognition by all industry role players and for representing the majority of the financial services intermediaries.
Our members are committed to upholding its constitution and respecting its Code of Conduct.
The FIA enjoys a large and steadily increasing membership nationally. Members contribute to the importance and stature of South Africa’s financial services intermediaries as an established and respected part of South Africa’s financial community. The organization represents a new breed of men and women who realize that adding value to their relationship with their client is the only route to building a lasting and successful practice. Financial services intermediaries subscribing to this belief will find common ground with colleagues within the FIA.
The FIA considers membership applications from experienced brokers with proven industry standing as the FIA always needs to ensure that its members are seen as true professionals. It is expected of FIA members to always honour our Code of Conduct, another reason for the organization to insist on continuous training.
Financial services intermediaries have an increasingly important role to play. The need is growing for independent and professional advice in an environment that is becoming increasingly complex. New products are introduced to the market on a continuous basis and clients’ needs are becoming more diverse. As the demand for professional and knowledgeable brokers increases, so the need for an organization to provide a support base for such brokers becomes greater.
The ever-growing stature and legitimacy of the FIA give its members, existing and new, the support structure needed to grow from strength to strength in an insurance business.
All members of the FIA are authorized financial services providers or representatives of such providers. In terms of the FAIS Act our members must adhere to all the requirements prescribed by the Act and its Regulations.
Core Values
• Professional:
We aspire to promote and elevate levels of professionalism amongst our members and in so doing, ensure that all clients consulting with FIA members experience a professional, positive interaction.
We strive to make sure that every encounter we have with our members is embodied by professionalism.
• Serve:
Service excellence is highly valued and respected. Our members exist to serve clients’ needs and we encourage and honour their drive to strengthen client relationships through excellent service.
The FIA exists to serve its members and counts it a privilege to do so.
• Leadership:
We will lead our members with courage and make a meaningful contribution to the enhancement of the financial services industry so that all stakeholders benefit.
• Trust:
We regard the trust that clients place in our members as sacrosanct and measures are taken to ensure that this trust is maintained. Our members are all appropriately licensed and adhere to a strict Code of Ethics which governs their conduct.
