Intermediary Bodies / FIA - Financial Intermediaries Association

Brokers will still be relevant under NHI

An article published by Fin24 on 16 August, 2018 – NHI will 'nationalise' healthcare - Free Market Foundation – suggests that the recently announced Medical Schemes Amendment Bill “… proposes an end to brokers, as they hike expenses for medical aid users.”

Your votes counted: #FIAAwards2018 Winners

FIA: How will the VAT increase affect the way we do business?

The increase in VAT from 14% to 15% on 1 April 2018 will have a significant impact on the flow of money in the intermediated insurance market, from premiums to commissions to claims and beyond!

Advisors beware! Bitcoin and other virtual currencies

Over the last 14 years many financial advisors in South Africa have been held accountable by the FAIS Ombud, the Appeal Board and our Courts after advising clients on high risk investments that failed. The question is whether history will repeat itself as more and more financial advisors buy into, and express “opinions” to their clients about virtual currencies such as Bitcoin, Darkcoin, Peercoin and Feathercoin? The Financial Intermediaries Association of South Africa (FIA) is concerned about financial advisors expressing opinions about virtual currencies to clients or potential clients, without understanding the potential implications. The Financial Planning Committee of the FIA have consulted the User Alert issued by National Treasury and the FAIS Department of the Financial Services Board to get clarity on the risks for advisors. The purpose of this article is to issue a firm warning to financial advisors, and what follows are important aspects advisors must consider as virtual currencies have clearly become the new flavour of the “decade”.