Recent mergers in the insurance intermediary space have gone a long way in making the industry even more professional. The formation of the Financial Intermediaries Association of Southern Africa (FIA) earlier this year is the perfect example of two similarly minded organisations – the IBC and SAFSIA in this instance – coming together to harness the real power and collective expertise of their members.
Good news for intermediaries throughout South Africa then is that an additional strategic merger – that of the FIA and LUASA (the Association of Professional Financial Planners) – looks set to become a reality in the very near future.
Justus van Pletzen, CEO: FIA, explains that the proposed merger is as a result of LUASA’s board of directors mandating its president, vice-president and CEO to meet with the FIA so as to identify common goals and objectives, “Our meeting was extremely positive. Not only do both of our organisations have similar visions and missions in terms of serving our members and the broader interests of the industry, but we both recognise the value of speaking with ‘one voice’.”
The result of the meeting bodes exceptionally well for the FIA and LUASA’s members, “We are happy to announce that the delegation from LUASA has reported back to the organisation’s board that a merger with the FIA would be hugely beneficial. The board has subsequently recommended the merger – subject to its members’ approval – as provided for in LUASA’s articles of association. We anticipate a favourable outcome in the very near future.”
The voice of South African intermediaries therefore looks set to become that much more powerful and representative – coming at a crucial time for the industry, when legislation is being reviewed and amended. “Harnessing the collective strength of core intermediary organisations is critical in ensuring that we continue to act in the best interests of consumers throughout the country. The proposed merger between the FIA and LUASA is guaranteed to ensure exactly that,” concludes van Pletzen.
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