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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)

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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

ANSWER

[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
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