FISA uses its self-governing powers

The Fiduciary Institute of South Africa (FISA) has shown it is serious about maintaining high standards in the fiduciary industry. Using its disciplinary hearing proceedings, it has struck ExecTrust Administrators and its representative, Patrick Barnard, from the FISA member list.

John Gibson, Chairman of FISA, said: “Disciplining of members is a key aspect of regulating the fiduciary industry. Members promise to abide by the institute’s code of ethics and disciplinary code. In the case of the aforementioned names, the members were found to have been in breach of the relevant codes, and a disciplinary committee found them guilty on the charges laid against them by members of the public who had used them as executors of deceased estates.”

The membership of several individual practitioners has also lapsed on account of non-payment of fees. They are Tracey Ann Bossert (Alberton), Magalan Pillay (North Coast, KwaZulu Natal) and Michelle van Staden (Bryanston).

Mr Gibson said that FISA encouraged the public to make sure they dealt with a FISA member when it came to will drafting and trusts and estate planning. “The public can be assured that that practitioner meets rigid minimum standards both with regard to fiduciary competence as well as integrity and honesty. He or she also has the necessary administration systems in place to provide a professional service,” he said.

FISA has 21 corporate members and over 600 individual members, who collectively manage in excess of R200 billion.

The institute works closely with government to assist in reducing unnecessary cumbersome legislation and to streamline many processes, particularly within the office of the Master of the High Court.

For a FISA practitioner in your area email secretariat@fidsa.org.za. For more information about FISA visit www.fidsa.org.za