This video explains the measures put in place by the government and the finance industry to ensure the transformation of the financial sector and the many opportunities this affords trustees of retirement funds.
“We want to transform the industry.” This commitment from the financial sector is encapsulated within the Financial Sector Code (FSC). The Amended FSC came into effect on 1 December 2017 and measures financial sector transformation using a balanced Broad-Based Black Economic Empowerment (B-BBEE) scorecard.
So, how has the sector progressed to date? The Association for Savings and Investment South Africa (ASISA) recently released an overview of the collective transformation progress made by ASISA member companies over the last five years. (Most of the large insurance and asset manager companies in South Africa are members of ASISA.) The report titled: Association for Savings and Investment South Africa (ASISA): A five-year transformation journey (2018 to 2022) builds on the previous edition by adding data collected for 2021 and 2022.
Although there remains room for improvement, the report shows that ASISA members have spent R9.6billion on skills development in the financial sector over the five years from 2018 to 2022. In 2022 alone, skills development spending by life offices and asset managers amounted to R2.1billion.
Typically, skills development funding goes to non-governmental organisations that specialise in the creation of educational content in the form of videos, publications and web stories, among others, as well as interactive workshops. Atleha-edu (that’s us), is a proud implementing partner to the ASISA Foundation and ASISA Academy when it comes to trustee and member education via educational publications and interactive workshops. As a trustee of a retirement fund, you can tap into the resources of these organisations to empower yourself and your retirement fund to help drive change in our country.
Watch the video to learn more.
Useful resources:
Batseta education chapter
FSCA Guidance Note 500 on Consumer Financial Education
Atleha-edu: Knowledge is power. Here’s where to get it
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