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The Financial Services Board (FSB), the non-banking regulatory supervisor, has launched a programme to encourage the financial services industry to inform and educate consumers about how to use financial products wisely.

The programme, known as Project Zama (meaning "try to win"), has as its long-term goal a marketplace in which all South Africans will be empowered through knowledge to make safe and responsible financial decisions for themselves and their families.

The FSB's initiative is in line with the growth of consumerism in many societies world-wide. This global phenomenon creates a significant shift of power in favour of consumers by creating a more equitable relationship between sellers and buyers in many product categories, with financial services frequently setting the pace. As knowledge is the mainstay of consumerism, without effective consumer education programmes in place, that understanding will be restrained.

Project Zama is the FSB's response to the pressing need to create a well-informed body of users of financial services in SA and is in line with the FSB's mandate to "promote programmes and initiatives by financial institutions and bodies representing the financial services industry to inform and educate users and potential users of financial products and services".

Project manager Rick Cottrell says a specialist strategic consultancy, Yellowwood Brand Architects, is facilitating Project Zama which has now reached the end of the first phase of strategy development. "The FSB's own consultants have consulted with a wide range of parties, including industry associations, consumer protection bodies, the media, NGOs, trade unions, community organisations and business representatives.

The FSB emphasises that further contributions to the debate are still welcome. "We have tried to make this a fully inclusive process from the start because that's the only way we can ensure consistent support from all corners of a very diverse industry, as well as gaining the endorsement of the many consumer-related bodies who are most often at the front line when issues arise."

Cottrell says the FSB looks forward to a future in which all South Africans can manage their financial affairs responsibly and without exposure to unfair pressure from charlatans, and expects that Project Zama is an important step on the way to realising this vision. He invites anyone who wants to make a contribution to check out what has been done so far by visiting the project website at http://www.zama.co.za.

Contact: Russel Michaels at 012 428 8025.

Issued by: Financial Services Board, 30 January 2001