Association for Savings & Investment SA
ASISA was formed in 2008 by members of the Association of Collective Investments (ACI), the Investment Management Association of South Africa (IMASA), the Linked Investment Service Providers Association (LISPA) and the Life Offices' Association (LOA). These associations have disbanded and their staff, assets and activities have been transferred to ASISA.
As the custodian of the bulk of South Africa's savings and investments, ASISA and its members must ensure, in the interest of the country and its citizens, that the South African savings and investment industry remains relevant and sustainable into the future.
ASISA's strategic purpose and mandate are therefore to remain a trusted partner to stakeholders in the financial services industry and to proactively engage with them on policy, regulatory and other important issues of common concern.
It is also ASISA's role to ensure that as a collective our industry remains relevant and sustainable by delivering solutions that are in line with the needs of our country, taking into consideration global and local developments and challenges. At the same time we need to recognise the hurdles created by the country's legacy and work with our policy makers to develop solutions that will help us overcome these.
ASISA aims to be an active participant in creating an environment that promotes equal opportunities for its members through holistic legislation, while at the same time considering the interests of consumers and ensuring the sustainability of the industries it represents and the intermediaries who promote these industries and their products.
ASISA will work towards promoting a culture of savings and investment in South Africa by playing a significant role in the development of the social, economic and regulatory framework in which members operate, thereby assisting members to serve their customers better.
ASISA will work towards promoting a culture of savings and investment in South Africa by playing a significant role in the development of the social, economic and regulatory framework in which our members operate, thereby assisting members to serve their customers better.
As part of its mission ASISA aims to:
- Actively promote a transformed, vibrant, and globally competitive financial sector that reflects the South African demographics.
- Develop and actively participate in education, transformation and social development projects.Continue to build a strong national
- economy by encouraging and incentivising South Africans to save.
- Promote transparency and disclosure.
- Create an environment enabling of more holistic regualtion.
- To always have a consumer focus.
- Endeavour to ensure ethical and equitable behaviour by members by applying a code of ethics and standards.
- Help create a simple and efficient regulatory framework that promotes savings and investment.
- Engage with Government to ensure the creation of level playing fields for all members while at the same time promoting healthy competition.
- Collectively engage with Government on policy issues and actively partner with Government on the SA Inc strategy aimed at promoting South Africa as the economic gateway to Africa.
ASISA membership can only be attained at the highest appropriate level in a company's corporate structure, never at a subsidiary company level. In addition, members can only be represented on the ASISA Board by their most senior representative. The aim is to ensure that high level strategic thinking shapes the future of the financial services industry, and not product aligned agendas. This will enable ASISA to take decisions that will take into consideration the impact on an investor's entire basket of investments, irrespective of the investments that make up the portfolio.
- All ASISA members are required to subscribe to a Code of Conduct - acceptance must be pledged by a member's most senior representative. The new ASISA Code of Conduct is currently being drafted by a dedicated team. Until this Code is in place the Codes from the former ACI, IMASA, LISPA and LOA remain binding on the various industries represented by ASISA.
- ASISA applies the principle where a full member can vote only once, and not per unit trust or life license held. This means that for the first time, the big conglomerates will have the same vote as a small independent company, introducing a new form of governance into the financial services industry. The ASISA founding statement commits ASISA and its members to the principle that the consumer's best interest will govern all decision making. At the same time, however, the importance of minority views will be recognized, processed and presented together with the majority views.
The following categories of membership are available, and aim to also accommodate the membership structures of the previous four associations:
Full and ordinary membership is only available to companies regulated by the FSB that offer savings and investment products and/or manage assets.
Collective investment schemes are governed in South Africa by the Collective Investment Schemes Control Act no 45 of 2002.
Financial Services Intermediaries now operate in a more regulated industry after anti-money laundering legislation, and an act governing the advisory industry's professionalism were passed by parliament in 2002/2003. The Financial Advisory and Intermediary Services Act (FAIS) was passed by Parliament in 2002.
The client's relationship with a broker will also be affected by the Financial Intelligence Centre Act (FICA), a legislation established to combat money laundering. It requires all advisers and bank employees to "know their clients" and keep records of all their business dealings.