Response from the Life Offices’ Association (LOA) to a statement by COSATU – 31 July 08

31 July 2008 Life Officers' Association

The Life Offices’ Association (LOA) has been a partner of the Financial Sector Charter process for many years and remains absolutely committed to the transformation of our industry as well as the processes and negotiations needed to finalise the gazetting of the Financial Sector Charter as a sector code in terms of the Broad-based Black Economic Empowerment Act. The LOA would therefore never consider boycotting the process or walk out of negotiations.

Agreements have already been reached at Charter Council level on many facets of empowerment. The LOA together with all other trade associations therefore insisted at yesterday’s meeting that the most substantive issue, being ownership, still delaying finalisation of the Sector Code is prioritised and addressed, and that discussions are limited to aspects on which they had a mandate to represent the views of members. This view was rejected by the community constituency resulting in an unfortunate impasse.

At no point did we walk out of the meeting or indicate that we were not willing to proceed. We therefore disagree strongly with the way COSATU portrays yesterday’s events. The negotiation remains an ongoing process.

Gerhard Joubert (Pictured)

CEO of the Life Offices’ Association (LOA)

Quick Polls


Financial behaviour experts suggest that today’s risk modelling methodologies ignore your client’s emotional ability / behavioural capacity. What are your thoughts on spicing up risk profiling tools to make allowance for your client’s financial behaviours


[a] Bring it on; my client’s make too many irrational financial decisions
[b] Existing risk profiling tools are adequate
[c] Risk profiling tools should be based on the model / rational client
[d] The perfect risk profiling tool is science fiction
fanews magazine
FAnews April 2021 Get the latest issue of FAnews

This month's headlines

Randsomware attacks... SA businesses' biggest risk
Know the difference - compliance vs ethics
Better business by virtue of Beethoven
The future of vaccines
Harmonisation of retirement funds
Call centres and the maze of auto-prompts
The next 18 to 24 months are going to be tough
Subscribe now