Black ownership on the up in savings and investment sector

South Africa’s life offices and asset managers registered an improvement in black ownership in 2020, with both exceeding the Broad-Based Black Economic Empowerment targets set in terms of the Amended Financial Sector Code. This is according to the first ever transformation report published by the Association for Savings and Investment South Africa , titled ‘The Journey Towards Transformation of South Africa’s Savings and Investment Industry as represented by Asisa .

” Read: Black ownership of SA businesses falls below 30% Government is failing to comply with its own empowerment policies Room for improvement Despite registering some gains during the period, life offices and asset managers failed to meet their targets in the management control, skills development and employment equity categories. Life offices failed to meet their target in the access to financial services category .

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