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Industry bodies meet

07 June 2005 Angelo Coppola

Industry body and broker associations get together to discuss the commission issue.

The simmering debate between the life offices, their associationand broker bodies was set to be aired and discussed today - 7 June.

According to informed sources the meeting between the IBC, Safsia, fpi and Luasa held yesterday (6 June) was an attempt to get a common position proir to the meeting with the LOA today. The statement issued after yesterday's workshop by the grouping was essentially a positioning document.

The meeting with the LOA today is seen as a clarification session where details of the proposals put forward by the LOA will be discussed.

The unity or otherwise of the brokers in dealing with the LOA and the life offices' should become apparent once the session has been completed.

We will keep you posted...

Quick Polls

QUESTION

The second draft amendments to Regulation 28 will allow retirement funds to allocate up to 45% of their assets to SA infrastructure, with a further 10% for rest of Africa; but the equity & offshore caps remain unchanged. What are your thoughts on the proposal?

ANSWER

Infrastructure? You mean cash returns with higher risk!?!
Infrastructure cap is way too high
Offshore limit still needs to be raised
Who cares… Reg 28 does not apply to discretionary savings
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