After years of debate, drafting and revision by
numerous parties – including PPS – a raft of new
financial legislation and underpinning regulations
finally passed all legal waypoints into promulgated
law. Besides our contribution to the drafting process
with government and industry entities, PPS worked
diligently to embed new regulations, and updated risk
management and governance processes into all our
As required by the new legislation, we submitted a first
complete PPS Group ORSA (Own Risk and Solvency
Assessment) to the Prudential Authority. A voluminous
body of work requiring several years to prepare, the
ORSA captures how prudently and competently the
PPS Group is managed. We are now utilising the ORSA
for scenario planning and as a primary guide for rolling
out the incoming prudential requirements.
KEEPING PPS SUSTAINABLE
As a professional organisation founded nearly 80 years
ago, PPS has reinvented itself from time to time in
response to changing circumstances. I believe this to
be one of those times.
In this general election year, we will likely witness - and be
part of – unfolding fundamental societal shifts in South
Africa. Our members will want to be safeguarded from
any potentially negative impacts – but as South Africa’s
professional practitioners, they will also be among key
drivers of change. This uncertain time provides the
real opportunity to empower PPS members to play
bigger roles in shaping their professions and securing
the financial wellbeing of their families.
A second, bigger trend is the tide of technological
enhancements sweeping through the financial sector
and most modern industries. Technological change
can threaten the current roles of professionals – yet
incoming technologies can also spur their disciplines
to greater heights.
PPS is working diligently to provide the tools and
community that will enable our professionals to secure
their careers, practices and lifestyles.
This is demonstrated through the development of
several key initiatives, including the PPS Credit Card
and Horizon advisory tool rollout, as well as launching
the Financial Services 4 Professionals (FS4P) brokerage
and Specialist Support Services (S
BUILDING THE PPS COMMUNITY
Over the years, PPS has developed a distinct corporate
culture built on sound community values such as
mutuality, pooling of resources, helping members in
need and providing services that support their choices.
With society and the workplace evolving by the day,
we examined the values that motivate our members
and employees. Do these groups have similar values?
Are their interests aligned?
Our members deserve to receive consistently
exceptional service that targets their exact needs
and expectations, and this can only be delivered by
employees who experience meaning and purpose in
their roles. At PPS we believe in preparing, empowering
and enabling our employees through their working
environments to perform their roles intuitively in a
manner that fulfils our values.
The PPS Foundation gained its Public Benefit
Organisation (PBO) status in 2018, enabling those
making financial donations to benefit from the tax
deductibility of their contributions, and setting
the tone for our 2018 achievements. Among these
was the development and launch of the donation
platform, allowing PPS employees, members and
the general public to donate to the Foundation.
In 2018 the Foundation funded 61 students in the
science, technology, economics and mathematics
(STEM) fields and supported 20 interns through our
graduate internship programme. We are gratified
that over 12 500 professionals used our Professionals
Connect offering to search for job, mentorship and
career guidance opportunities.
In 2018, the Academy underwent a turnaround strategy
that delivered outstanding results, doubled its training
hours recorded in the previous year and attracted
interest beyond its present capacity. I am delighted
to congratulate the Academy for being recognised as
one of the Top 125 training organisations in the world,
which is a well-deserved honour.
INTEGRATED REPORT 2018