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FIA and LUASA merge: unifying the voice of intermediaries

10 July 2008 The Financial Intermediaries Association of South Africa (FIA)

The Financial Intermediaries Association of Southern Africa (FIA) and LUASA (the Association of Professional Financial Planners) officially approved the merging of the two bodies. At special general meetings held at the Randpark Club in Johannesburg, members of both organisations voted overwhelmingly in favour of the merger. The new body – which will retain the name of “FIA” – will further the previous work of the two associations in terms of representing the interests of all intermediaries, including tied agents, in all facets of the financial services industry.

Arnold van der Linde (pictured), president: FIA, explains that the merger is a natural extension of the synergies shared by the two organisations, “The FIA and LUASA have been in talks for some time now concerning the way forward for intermediaries. The merger will serve to create a unified body that will collectively represent and protect the interests of all financial intermediaries operating within Southern Africa.”

Fanie van Wyk, president: LUASA, echoes these sentiments: “By creating the single over-arching body we have today, we have come that much closer to removing fragmentation in the industry. The merger will additionally ensure that industry efforts are no longer duplicated, and that intermediaries speak with one voice going forward – thereby intensifying the impact of our initiatives and objectives.”

In terms of the merger, the membership of LUASA will effectively be transferred to the FIA and the FIA’s Articles of Association will be amended to accommodate the broadening of its membership accordingly. New roles and responsibilities within the new organisation will be determined during the weeks ahead.

The “new” FIA looks set to provide the financial services industry with an even stronger, more representative organisation – dedicated to ensuring that South African consumers receive the very best possible financial products and services. While today’s merger has therefore gone a long way in unifying intermediaries throughout the country and establishing a body of exceptional expertise, consumers will no doubt emerge the ultimate beneficiaries of this development – and have much to look forward to. When it comes to the “new” FIA then, one would certainly do well to keep watching this recently enhanced space.

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