FIA

The Financial Intermediaries Association of Southern Africa (FIA) represents more than 15 000 financial services advisers throughout Southern Africa. It is the only organization that fulfils this role. The FIA’s primary purpose is to represent, protect, promote and further the common interests of its members.

The origins of the FIA date back more than 50 years, with the organisation having recently evolved into a single, united national body representing the bulk of active licensed intermediaries in South Africa’s financial services industry.

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 enjoys a large and steady national membership comprising financial services intermediaries who cover the broad spectrum of financial planning investment planning, short-term insurance and healthcare. 

All members of the FIA are authorized financial services providers or representatives of such providers. In terms of the FAIS Act their members must adhere to all the requirements prescribed by the Act and its Regulations.

In a challenging and ever changing environment the FIA plays a vital role in influencing regulators and legislators with the promulgation of insurance laws, and to facilitate them an in-depth understanding of this complex industry which includes intermediation.

In order to give advice, financial intermediaries require a licence issued by the Financial Services Board. In addition to the compliance and conduct requirements of the Financial Advisory and Intermediary Services (FAIS) Act, members are obliged to conduct business in terms of the FIA’s Code of Conduct. This code aims to ensure that intermediaries maintain a professional relationship with clients, the regulator and financial services product providers.

In any instance where the Code of Conduct has been breached, the FIA co-operates fully with the appropriate regulator and will take disciplinary action against defaulting members if necessary. All members of the FIA are authorised financial services providers or representatives of such providers.