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Our regulatory impact over the past 15 years

See how far we’ve come:

When the new Binder Regulations were negotiated, we played a part in securing binder holder admin income streams for insurance brokers.
We negotiated with SASRIA to increase broker remuneration from 7.5% to 11%.
With the assistance of SAIA, we enabled the supply of mandated client information from direct writers to our short term members.
Our intervention saw the Minister of Health increase fees for medical scheme brokers, and we continue to fight for inflation-linked increases.
Medical scheme brokers and consumers benefited from our input on the demarcation debate, which to ensure the continuation of gap covers, top-up insurance and other alternative covers.
Our continuous pressure resulted in the Ombudsman for Short Term Insurance publishing complaints statistics for the first time in the 2012/13 Annual Report.
We achieved concessions for our members in the Regulatory Examination process. Intermediaries were able to write in Afrikaans.
The suitability of RE questions and the pass mark were reviewed, and more reasonable time frames were given for RE Level 2.
Our input also saw the implementation of Continuous Professional Development being revised in content and implementation.
Based on the FIA's discussions with the FSCA, the FSCA recognised that the inability to pay premiums as a result of the COVID-19 pandemic, would have a negative impact on the income of intermediaries. As a result of this intervention, insurers may still pay brokers their full commission where premium relief is offered.
We have over the last financial year provided 105 FREE face-to-face CPD hours to 2115 members across the country.
We developed content on the importance of Financial Advice and provided it to the ASISA Foundation to incorporate into their existing programmes.
INSETA Project – the FIA secured funding from INSETA for R3.6mil for CPD, COB, RE Training and exams, Skills Programs, Learnerships and Bursaries.
The FIA have actively engaged with the FSCA in respect of Premium Collection, and as a result of our submissions and facilitation of engagement with our members, the Regulator has a greater understanding of the complexity and variety of business models, to inform their future position.
The Employment Equity Amendment Bill 2020 - introduces enabling provisions for the setting of sector-specific employment equity targets. The FIA has made a detailed submission on behalf of members to highlight the challenges and risks as a result of the proposed targets as well as proposed solutions on how we can address the challenges.
Following extensive engagement by the FIA, National Treasury made proposals to reduce the levies that intermediaries will pay to the FSCA in terms of the Financial Sector and Deposit Insurance Levies Bill. Estimated savings are between R8m – R10m per annum for the intermediary market in general.
Council for Medical Schemes (CMS) / LCBO Commission: In January 2022, the CMS announced that the demarcation exemption period has been extended for a further two years – from April 2022 to end of March 2024. This saved members approximately R110m per annum. The FIA continues to engage on the working committees at the CMS dealing with the proposals relating to these products.
Industry Associations successfully lobby for the Non-Life insurers and intermediaries NOT to be included as accountable institutions under the FIC Act, saving the industry R100m plus in compliance costs. The FIA and other industry associations are now working with the FIC to increase awareness of current FIC obligations.
The FIA has engaged in the COFI Bill Task Team meetings through Business Unity South Africa (BUSA). We are pleased to report that most of the concerns and proposals raised by the FIA were taken into consideration in the final version of the COFI Bill.
Conduct of Business Returns - Omni-CBRs; The FIA is making a detailed submission to the FSCA in this regard. Our Legal and Compliance team have spent more than 40 hours on this submission alone. The cost and volume of work required by members to complete these returns cannot be under-estimated and members will be required to report QUARTERLY to the FSCA.
Employment Equity Amendment Bill (EEAB) Following meetings with the Department of Employment and Labour, the FIA engaged the services of Adv. Khumalo to prepare and represent the FIA in the parliamentary hearing process on the EEAB. The FIA alongside other associations have also provided input to the FSCA on our concerns with regards to the impact of non-compliance. Engagements remain ongoing.

Become an FIA Member Today!

If you are interested in joining our community, please submit your details to our Membership Team below to receive further information about the benefits of becoming an FIA Member, as well as a Membership Proposal. 

Who qualifies for membership?

Licensed FSPs as per the provisions of the FAIS Act and who derives income from providing advice and / or intermediary services.

Subscriber Terms and Conditions

  1. APPLICATION OF TERMS
    • These terms and conditions (“Subscriber Terms”) apply to the subscription by any qualifying member of the South African Underwriting Managers Association NPC (“SAUMA”) to the services and benefits offered by FIA Services (Pty) Ltd (“FIA Services”) under the SAUMA affiliation arrangement (“Subscription”).

  2. NATURE OF SUBSCRIPTION
    • A Subscription under this arrangement:
      • does not constitute membership of FIA NPC;
      • does not confer any voting rights or governance participation in FIA NPC; and
      • is governed solely by the contractual relationship between the Subscriber and FIA Services.

  1. ELIGIBILITY
    • To qualify for the Subscription, the applicant must, at the time of application, be a current paid-up member of SAUMA.
    • FIA Services will verify the applicant’s SAUMA membership status with SAUMA prior to activation, and may re-verify such status periodically.
    • If a Subscriber ceases to be a paid-up member of SAUMA, the Subscription will correspondingly be terminated.
    • Applicants are required to authorise FIA Services to confirm their SAUMA membership status with SAUMA as part of the application process.

  1. SERVICES
    • The Subscription entitles the Subscriber to the following benefits:
      • Complimentary access to the FIA CPD Platform;
      • Complimentary access to the FIA Insight Magazine (digital edition);
      • Advertising opportunities on FIA platforms at a discounted rate of 15% (fifteen percent) off the prevailing published rates; and
      • Invitations to attend FIA Technical Webinars annually.
    • FIA Services reserves the right to update, vary or substitute the Services from time to time, provided that the overall value and nature of the benefits remain materially the same.

  1. FEES AND PAYMENT
    • The monthly subscription fee is R260.00 (two hundred and sixty rand) for up to seven registered individuals (Key Individuals and Representatives), and R36.00 (thirty-six rand) per additional registered individual thereafter, excluding VAT.
    • The Subscriber shall provide FIA Services with the required details of each individual to be registered under the Subscription for the purposes of activation and billing.
    • All fees are exclusive of VAT, which shall be charged at the prevailing statutory rate.
    • Subscription fees are reviewed annually in March and may be adjusted with effect from 1 April.
    • Any changes to the Subscription, including but not limited to the number of Representatives and Key Individuals registered under the Subscription, may only be effected once annually during the annual review period in March of each year, with such changes taking effect from 1 April.
    • Subscription fees shall be billed monthly in arrears, unless the Subscriber elects an annual billing cycle at the time of application.
    • The Subscriber shall ensure that all billing information (including contact details, authorised signatories and bank account details) is kept accurate and up to date.
    • Non-payment of subscription fees may result in suspension of access to the Services until such fees are brought up to date.
    • The Subscriber acknowledges and agrees that all subscription fees payable under these Subscriber Terms may be collected by way of debit order, which shall be processed by the holding company, FIA NPC (The Financial Intermediary Association of South Africa), on behalf of FIA Services. Payment to FIA NPC shall be deemed to constitute valid and sufficient discharge of the Subscriber’s payment obligations to FIA Services under these Subscriber Terms.

  1. ONBOARDING
    • Onboarding will be conducted as a Subscription with FIA Services under the SAUMA affiliation arrangement.
    • Onboarding will not confer FIA NPC membership status or any associated rights.
    • Onboarding is conditional on confirmation of the Subscriber’s current SAUMA membership at the time of application

  1. DATA PROTECTION
    • FIA Services will process all personal information in accordance with the Protection of Personal Information Act 4 of 2013 (POPIA) as set out in our POPIA policies.
    • By subscribing, the Subscriber authorises FIA Services to confirm their SAUMA membership status with SAUMA and to process personal information for the purposes of fulfilling the Subscription.

  1. TERMINATION
    • The Subscriber may terminate the Subscription by giving FIA Services one calendar month’s written notice.
    • FIA Services may terminate the Subscription on one calendar month’s written notice, or immediately if the Subscriber breaches these Subscriber Terms and fails to remedy such breach within 14 (fourteen) days of receiving written notice.
    • Termination of the SAUMA–FIA Services affiliation agreement shall not automatically terminate these Subscriber Terms.
    • Termination by the Subscriber shall not relieve the Subscriber of liability for any subscription fees accrued up to the effective date of termination.
    • FIA Services may suspend or terminate the Subscription with immediate effect in the event of non-payment of fees by the Subscriber.

  1. GENERAL
    • These Subscriber Terms are governed by the laws of the Republic of South Africa.
    • Any disputes arising under these Subscriber Terms shall be dealt with in accordance with the dispute resolution provisions contained in the FIA NPC membership terms and conditions, as modified to reflect that the contractual relationship is with FIA Services.
    • Any notices required under these Subscriber Terms may be validly delivered by email to the addresses provided in the Subscriber’s application form, and such notices shall be deemed received on the day of transmission if sent during business hours.
    • The Subscriber may not assign, cede or transfer any of its rights or obligations under these Subscriber Terms without the prior written consent of FIA Services.
    • No variation of these Subscriber Terms shall be of any force or effect unless reduced to writing and signed by both FIA Services and the Subscriber.