Future of Fiduciary Services: Insights from FISA's New CEO

FISA CEO Jan du Plessis on Assisted Decision-Making, the Regulation of Trust Bill, and Fiduciary Practice Risks. Tony from Cover interviews Jan du Plessis, CEO of FISA, about key developments and challenges in South Africa’s fiduciary space. Jan says FISA has long advocated for assisted decision-making and an enduring power of attorney, and that the Department of Justice has drafted a bill now under consideration, though details and timing are unknown. He shares a briefing on an imminent new “Regulation of Trust Bill,” highlighting proposed trustee accountability measures such as annual financial statements to the Master, mandatory reporting of trust termination, submission of deed amendments before acting, new offenses and penalties (including beneficial ownership recordkeeping and acting without letters of authority), Master-issued compliance notices and fines, additional court protections for vulnerable beneficiaries, restrictions on land reform trusts, and a risk-based approach to beneficial ownership. They discuss operational delays at the Master’s office (IT/bandwidth, backlogs, vacancies, and lack of uniformity), SARS delays (DEC letters, objections, estate duty), and banking challenges (balances at date of death, payment delays, and QR-code letters). Jan also previews FISA’s conference themed “risk and reward in fiduciary practice,” covering forensic risk, trust services liabilities, exchange control, a Constitutional Court tax case, AI in practice, life policy taxation issues, modern practice risks, and conflicts of interest.