The primary purpose of the Red Book Initiative is to provide effective responses to policy initiatives flowing from the National Treasury policy paper: “A Safer Financial Sector to Serve South Africa Better” (the Red Book), particularly market conduct. Most of the work is conducted through the various ASISA Standing Committees and Working Groups under other Board Committees.

Key Focus Areas


  • Shaping FSCA thinking re Implementation of RDR phases 2 & 3
  • Risk commission
  • Special dispensation for low-income market
  • Investments
  • Advisor categorization 


While being mindful of the Social Security Reforms being debated at Nedlac, National Treasury wishes to improve the current governance of retirement funds and encourage consolidation of funds.


  • Shape outcomes to align with Treasury retirement reform policy while promoting ASISA member operational and strategic requirements.
  • Seek resolution of various regulatory hurdles in living annuity product design and innovation, looking to remove regulatory barriers to National Treasury retirement reform policy expectations of the industry to develop appropriate retirement products at reduced cost.

Red Book Standing Committee

ASISA point person:  Rosemary Lightbody
Deals with retirement reform matters. Once these reach the stage of draft legislation, the work is usually conducted under the auspices of the Regulatory Affairs Board Committee.

  • Living annuity Working Group
  • Default Smooth Bonus Working Group
RDR Standing Committee

ASISA point person: Rosemary Lightbody
The mandate of the RDR SC is to respond to the Financial Sector Conduct Authority’s various Retail Distribution Review papers and discussion documents and to engage with the Financial Sector Conduct Authority in this regard.

The below working groups are numbered to co-incide with the FSCA’s own internal RDR working groups. There is therefore no WG 4 because this deals with short term insurance which is outside of ASISA’s mandate.

  • RDR WG1: Adviser categorization
  • RDR WG2: Investments
  • RDR WG3: Long-term risk
  • RDR WG5: Sales execution & other intermediary services
  • RDR WG6: Low income market