What is FISA?
The Fiduciary Institute of Southern Africa (FISA) is the only professional body focusing solely on fiduciary practitioners in Southern Africa. FISA is a non-profit organisation that represents fiduciary practitioners and sets high minimum standards for the industry.
FISA members come from trust companies and banks, as well as the legal, accounting and financial planning professions.
FISA members do estate planning, draft wills, administer trusts, deceased estates, and beneficiary funds, supply tax advice and compliance services, and administer client assets.
FISA members collectively manage several hundred billion Rands. They draft several thousand wills each year and administer around 50 percent of deceased estates reported to the Office of the Master of the High Court.
FISA helps to smooth processes for members and the public, through its good working relationship with the Master’s Office and the SARS.
Fiduciary as a profession
In 2011 FISA introduced an annual examination allowing successful candidates to obtain the registered professional designation of Fiduciary Practitioner of South Africa® (FPSA®). This is becoming the standard designation indicating knowledge and ethical behaviour. Read more about the exam here.
Only persons with three or more years of practical experience in the fiduciary field can apply for membership of FISA.
FISA members are required to spend 60 hours in a two year cycle on improving and maintaining their technical knowledge and competence in a continuing professional development (CPD) programme. Five of these hours must relate to training in ethical behaviour.
The University of the Free State has introduced an Advanced Diploma in Estate and Trust Administration. Contact the Centre for Financial Planning Law.