Making financial services more relevant to people could lead to a greater savings culture in South Africa, the Association for Savings and Investment South Africa said on Wednesday.

Asisa Chief Executive Officer Leon Campher said creating a greater saving culture among South Africans had never been such a high priority and Asisa would work as a united body to achieve this.

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) disbanded and staff members and assets have been transferred to Asisa.

"By uniting our industries we can now collectively apply ourselves to making a bigger difference by speaking with one voice.

Consumer interests

"Asisa will be an active participant in creating an environment that promotes equal opportunities for its members through holistic legislation [while] looking after the interests of consumers and ensuring the sustainability of the industries we represent and the intermediaries who promote us," he said.

Asisa formally opened its doors at the beginning of October and represented the majority of South Africa's asset managers, collective investment scheme management companies, linked investment service providers, multi-managers, and life insurance companies.

Campher said that in the past regulators and policy makers had to engage with four different lobby groups, often on issues of common interest.

AFP

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