Saaff warns members about FAISA compliance

ALAN PEAT AFTER OUR warning in the August 19 issue of FTW that forwarders are being slow in registering and licensing to comply with the Financial Advisory and Intermediary Services Act (FAISA), and facing possible heavyweight fines, the industry body has decided to act. Those who have not yet registered and been licensed by the Financial Services Board (FSB) to sell insurance as an ancillary business are in for the big chop in the next few weeks, said Riaan Grobbelaar, MD of Prestmarine. This after a meeting with the FSB where he was told that the forwarding industry has been very slow to react to the new regulations. However, Philip Womersley, chairman of both Safcor Panalpina and the SA Association of Freight Forwarders (Saaff), told FTW that the association was acting on the matter. Saaff is to put out a reminder to its members – warning them that non-compliance could cost them, both legally and financially.