The FISA Bursary Scheme Trust was launched at the 8th Annual Conference of the Fiduciary Institute of Southern Africa (FISA) in September 2018.
Funding
The FISA Council has earmarked an amount of R110,000 from FISA’s funds over the last two years as seed money for the trust and is appealing to employers in the industry to contribute to the trust, as well as individuals who may wish to make bequests in their will. The the trust is registered as a public benefit organisation with PBO number 930063039. As such, contributions to the trust will qualify for a tax deduction under sec 18A of the Income Tax Act, 1962.
Any prospective donors can contact Dr Eben Nel, FISA Chairperson, at eben@fisa.net.za.
Background
The fiduciary industry is starting to attract interest among graduates and younger membership will help to serve the needs of the growing middle class in South Africa.
Speaking at the launch of the FISA Bursary Trust, Adv Sankie Morata, chair of the board of trustees, said: “The FISA Council decided some time ago to form a trust to supply bursaries to previously disadvantaged individuals who qualify to enrol for a tertiary qualification applicable to the fiduciary industry.
“Such individuals need either to be employed, or express a desire to be employed, in the fiduciary industry, and show that they can make a positive contribution to the industry as well as promote the development of equal opportunities,” Adv Morata said.
The highest designation in the fiduciary industry is that of Fiduciary Practitioner of SA® (FPSA®). In order to apply to FISA to be awarded the designation, members need to have passed the Advanced Diploma in Estate and Trust Administration offered by School of Financial Planning Law at the University of the Free State.