For immediate release 2 May 2007

A REGULATOR FOR THE BRIDGING INDUSTRY

South Africa has seen phenomenal growth in the bridging finance industry, with
myriad bridging companies having opened their doors for business over the past 18
months. The growth of the industry has dictated that the presence of a regulatory
body is imperative. As such, The Bridging Finance Association of South Africa
(BFASA) was established earlier this year to address this need.

Officially founded on 15 January 2007 by some of the country’s largest bridging
finance companies, BFASA is now operational with a code of conduct in place.
BFASA aims to introduce the concept of self regulation to the bridging finance
industry, to ensure the long term sustainability of the industry and to create, among
others, a culture of information sharing between its members.

According to Rieghard van Rensburg, Chairman of BFASA, the short and long term
sustainability of the industry will be achieved to a certain extent through BFASA’s
participation in financial industry discussions and forums, as well as cooperation in
respect of government initiatives. “We aim to be very involved in terms of financial
legislation and regulation on a national level,” says van Rensburg.

Added to this, the association will also actively promote ethical and socially
responsible conduct within the industry. BFASA will further promote information
sharing among its members in order to identify and avoid fraudulent activities such as
double discounting etc. Through this information sharing, the association strives to
ensure the continuing survival of the industry and its players.

BFASA is a Section 21 company that consists of a board of directors. It has a
memorandum of association, statutes and working committees. All members join
voluntarily and are obliged to pay an annual membership fee. “The members have to
sign the memorandum of association, statutes and code of conduct,” notes van
Rensburg.

The code of conduct covers issues such as conduct, rules for practice and ethical
practice, accountability to the consumer, privacy, truth in advertising and
professionalism, among others.

Van Rensburg concludes by saying that as a whole, the industry needs to stand
together to address common threats in order to create a sustainable long term
environment.

BFASA has already signed on approximately 20 of the bigger players in the industry
as members, and invites all bridging companies interested in joining the association
to email Rieghard van Rensburg at This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

Issued by Velvet Square on behalf of the BFASA

Contact Yolandi Swart on 082 530 0718 or This e-mail address is being protected from spambots. You need JavaScript enabled to view it for
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