FIA and LUASA to Join Forces

The Boards of the Financial Intermediary Association of Southern Africa (FIA) and the Association of Professional Financial Planners (LUASA) have announced their intention to merge subject to member approval.

FIA President Arnold van der Linde (pictured right) said members of the intermediary industry had long since recognised and discussed the need for a unified body that would collectively represent and protect the interests of all financial intermediaries operating within Southern Africa.

The establishment of FIA on 1 January this year via the merger of the Independent Brokers Council (IBC) and the South African Financial Services Intermediaries Association (SAFSIA) was the beginning of the realisation of this vision,” said van der Linde.“

A merger between FIA and LUASA would create the first-ever intermediary association that would represent the interests of all financial intermediaries giving financial advice, including independent and corporate brokers plus tied agents.

The newly merged FIA/LUASA entity would represent the interests of over 16 000 financial intermediaries.

LUASA President Fanie van Wyk said his Board had conducted a careful evaluation of the potential merger with the FIA and after reviewing the findings, strongly believed that joining forces with the FIA would be in best interests of every LUASA member.

“LUASA was invited to be part of the original merger between the IBC and SAFSIA however, the timing wasn’t right for us then for various reasons. We have continuously reviewed our options and are unanimous in our belief that this is right decision.”

FIA has extended similar invitations to other intermediary representative bodies such as the Association of Black Insurance Brokers (ABIB) and the Black Brokers Forum (BBF).

Van Wyk said the amalgamation of FIA and LUASA would benefit the intermediary industry by maximising resources, streamlining initiatives and enhancing services for
intermediaries and consumers alike.

A single, over-arching association for financial intermediaries would also remove fragmentation in the industry and confusion regarding which association to join. Furthermore, it would ensure that industry efforts were no longer duplicated. “But perhaps most important,” said van der Linde, “merging the various industry bodies into one entity would enable intermediaries to speak with ‘one voice’, thereby intensifying the impact of our initiatives and objectives.”

FIA and LUASA are set to engage with their respective constituents on the merger with a final decision expected at LUASA’S AGM and FIA’s SGM; both of which are scheduled for 9 July.

Van der Linde and Van Wyk said they are looking forward to support from their members and the industry.