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15 September 2004 Angelo Coppola

Announcing the appointment, SAFSIA president Seamus Casserly says that the appointment of Rossouw will strengthen the organisation's leadership as the industry enters uncharted waters post-FAIS and the Financial Services Charter.

SAFSIA represents 80% of the intermediary profession, and also has the considerable muscle of the major brokers within its membership, yet the organisation's voice had often been muted in relevant forums.
 
One of the objectives of SAFSIA will be to unify the fragmented representative associations under a single umbrella body, and Rossouw has the necessary stature within the industry to achieve this.
 
Rossouw says: "I believe some work needs to be done on the public perception of the professionalism of brokers. I want to change that and enhance the reputation of the profession through greater public understanding of the role the intermediary plays."
 
He describes an equally important mandate as being the transformation of the industry: "We need to get members to embrace transformation and black economic empowerment if they are to continue to prosper in this new regulatory environment."
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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