In August 2007 the boards of Directors of the South African Financial Services Intermediaries Association (SAFSIA) and the Insurance Brokers Council (IBC) announced that they were involved in negotiations to explore the possible merger of their two associations into one new financial services intermediary representative association.
SAFSIA held a Special General Meeting on 1 November 2007 at which the membership voted in favour of the merger and on 2 November 2007 the membership of the IBC voted in favour of the merger at a Special Meeting.
The approval by the membership of both associations represents a final step in the merger negotiations and now enables the two associations to form one new entity to commence operations from 1 January 2008.

At a press conference held today, the presidents of SAFSIA and the IBC, Messrs Duncan Buchanan and Jay Ramsunder, announced that the name of the new entity will be The Financial Intermediaries Association of Southern Africa and that the acronym FIA will be used by the new association. Both presidents commented on their satisfaction with the way in which the merger discussions took place and in particular, the positive spirit that existed throughout in the discussions between the two executive committees.
Both presidents also expressed their appreciation to the membership of both associations for their positive reaction and for voting in favour of the merger of the two associations.

Both SAFSIA and the IBC have been in operation for more than 27 years and each association has a rich history of representing financial services intermediaries. The FIA will represent intermediaries who generate over 80% of all short term insurance transactions, over 60% of all life assurance and collective investments transactions, and 80% of employee benefits business in South Africa.

It was announced at the press conference that the new association will formally be launched during march 2008 on the occasion of the hosting of the CIIBA (Council of International Insurance Broker Associations) Conference to be held at Sun City South Africa.

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 FIA will commit 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 merger as the FIA will be able to sustain a stronger infrastructure and provide better value to the members.

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

We strive for recognition by all industry role players and for representing the majority of the independent brokers.

Very interestingly there are 24 branches and 7 divisions nationally within the organization which is very significant in that the FIA is there for the independent broker 24/7.