Two leading financial services intermediary associations announce intention to merge

In a groundbreaking move the Boards of the Insurance Brokers Council (IBC) and The South African Financial Services Intermediaries Association (SAFSIA) have announced their intention to merge the operations of these two associations.

Both associations have been in existence for more than 27 years and, whilst they have served different constituencies, it has become clear that there is far more common ground than differences between the two constituencies.  These two associations have members who are active in Short-Term Insurance, Long-Term Insurance, Retail Investments, Medical Aid Consulting, Employee Benefits Consulting and Administration and collectively employ more than 13,000 advisors.

Whilst the members of the IBC are individuals and smaller brokerages and those of SAFSIA are predominantly bigger business entities, it is recognized that commonalities by far outweigh any differences.

The major benefit of a merger will be the consolidation of infrastructure and the removal of duplication.  This will allow the new entity to provide a much stronger infrastructure and to serve the interests of the members of both the existing associations in a far more effective way than is possible under the current circumstances.

The two associations will shortly be conducting Annual General Meetings to seek final member approval to proceed with the merger, and a new entity with a new name and a new identity will emerge as a result.

Both of the associations have been actively engaged with other financial service intermediary associations in the creation of a 'one voice' structure in order to enhance their engagement with government, the various regulatory authorities and other stakeholders.  The new entity that will emerge from the merger with the IBC and SAFSIA remains fully committed to the creation and support of a 'one voice' structure.