South Africa's major financial intermediary associations have merged to form a new body.

Members of the South African Financial Services Intermediaries Association and the Insurance Brokers Council (IBC) voted last week to create the Financial Intermediaries Association of Southern Africa (FIA), which will commence operations at the start of next year.

Current IBA Vice President Arnold van der Linde will be the first President of the new body.

IBA President Jay Ramsunder says the FIA will enable insurance brokers and other financial services intermediaries to lobby government and suppliers more effectively.

"The FIA has committed itself to continue collaborating with other intermediary associations and will continue to pursue the vision of a ‘one voice' structure for the whole industry," he said.