Integrated Report 2018

REGULATORY CHANGES

AND COMPLIANCE

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

business areas.

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

) offerings.

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.

OUR CORPORATE

SOCIAL RESPONSIBILITY

PPS Foundation

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.

PPS Academy

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.

CHAIRMAN’S

STATEMENT

(continued)

PPS

INTEGRATED REPORT 2018