The members of SAFSIA and IBC votes in favour of the merger

The South African Financial Services Intermediaries Association (SAFSIA) and the Insurance Brokers Council (IBC) are pleased to announce that their members have voted in favour of the proposed merger at their special general meetings held on 01 and 02 November 2007, respectively.

In August 2007 the boards of directors of SAFSIA and the IBC announced that they were involved in negotiations to explore the possible merger of their associations into one new financial services intermediary representative association, to be known as the Financial Intermediaries Association of Southern Africa (FIA).

The approval of the merger represents a final step of the negotiations and enables the two associations to form one new entity to commence operations from 1 January 2008.

Jay Ramsunder, president of IBC comments: “The FIA has committed itself to continue collaborating with other intermediary associations and will continue to pursue the vision of a ‘one voice’ structure for the whole industry through which matters of common interest can be channelled when negotiating with the authorities and product supplier associations.”

“Members of both associations stand to benefit substantially from the new consolidated structure, and will be able to sustain a stronger infrastructure and provide better value to the members, adds Ramsunder”

The FIA is also committed to maintaining and enhancing the professionalism of its members and in so doing renders a professional service to the consumer public through its member.

Duncan Buchanan, president of SAFSIA elaborates: “The merger of these two associations is paving the way for much greater unity in representing the interests of financial services intermediaries with the various stakeholders, including the regulatory authorities, Government departments, parliamentary committees and the financial product provider constituencies, such as the LOA, SAIA and the ACI.”

“The new association will formally be launched during March 2008 at the CIIBA  (Council of International Insurance Broker Association) conference to be held at Sun City,” concludes Buchanan.

“The FIA marks an era for the industry to enjoy a much more efficient and well-oiled structure at operational level that will put both the interests of the consumer and those of its members top of the agenda,” adds Buchanan.