The year 2025 will most certainly be the year that we start to see tangible progress towards the implementation of the Conduct of Financial Institutions Bill (CoFI). While we have known about this for some time, there has not been much movement over the last few years; however, this is most certainly about to change and will bring about wholesale transformation for the industry at large.
It is imperative that intermediaries keep abreast of the changes and understand the impact that these changes will have on their businesses. While we know that the path to full implementation will be extended over a number of years, the sooner we engage, understand, and implement, the better it will be for our businesses. The Financial Intermediaries Association (FIA) is working closely with regulators and other stakeholders to ensure that we stay informed of developments so that we can accordingly assist our members through the transition.
The FIA also engages internationally through our membership of the World Federation of Insurance Intermediaries (WFII) and is keeping abreast of developments on matters such as the protection of diverse, and more specifically, vulnerable consumers; diversity, equity, and inclusion; protection gaps; climate change; digital innovation; and cyber risks, among others. Each of these topics is a focus area for the International Association of Insurance Supervisors (IAIS) and will consequently become focus areas for our South African regulators, where they are not already. By contributing to the ongoing international and local debates, the FIA promotes and defends the interests of intermediaries at the highest levels.
Ultimately, the affordability of, and access to, insurance that provides value to consumers is a key focus. We encourage advisers to actively engage with the FIA to obtain the support, guidance, and information they need to take them from today into the future.
