Historically, established as a workplace forum in 1936 by a group of bank employees, to be formalised as a trade union in November 1997, and in accordance with the Labour Relations Act of 1996 as well as the rapid changes in the financial services sector, the Insurance & Banking Staff Association (IBSA) was formed.
The purpose of forming a trade union was to ensure employee rights in the workplace and to improve the working conditions and living standards of employees in the financial services sector. IBSA was based on a branch structure representing members at various organisations such as Old Mutual, Nedbank and Sanlam.
At a high level strategic planning session in August 2018, it was decided to dissolve all the branches with the vision of unity and expansion to ultimately benefit all members across the financial services sector.
What Makes IBSA Stand Out From the Crowd?
Member Benefits
The fundamental benefit is that IBSA offers advice, support and representation to employees on labour matters in the financial services sector.
IBSA provides access to expert legal consultation on:
- Grievance Procedures
- Disciplinary Hearings
- CCMA Cases
- Labour Court Matters
- Retrenchment
- Transfers of Businesses
- Medical Aid and Pension Fund Matters
- Salary Increases
- and more
Perhaps you’ve just joined your employer and you’re looking forward to a long and happy career with the company or you’ve never seen the need to belong to a Union?
IBSA provides protection should things go wrong in the workplace!
Many people contact us when they are already in trouble and then want to join. We cannot represent employees unless they are members. IBSA employs highly qualified Consultants (majority of them have Legal degrees) with years of experience to represent you!
IBSA has maintained an excellent track record since 1936 and remains a strong, registered trade union today. IBSA has prevented the retrenchment of thousands of members and successfully represented vast number of members in the CCMA and Labour Court. IBSA takes pride in working with well-respected corporate organisations in the Banking and Insurance Industry to achieve the best outcomes for employees and employers.
Frequently Asked Questions
Historically, established as a workplace forum in 1936 by a group of bank employees, formalised as a trade union in November 1997, and in accordance with the Labour Relations Act of 1996 as well as the rapid changes in the financial services sector, IBSA was formed.
Yes. Our representatives are authorised to represent members at all internal and external processes. However it depends on recognised and un-recognised workplaces, for example:
Where IBSA has recognition: full representation at all internal and external processes.
Where IBSA does not yet have recognition: advice at internal processes and representation at external processes.
R100 per month (2025) – focused entirely on protecting your rights and providing value. Membership fees are reviewed on an annual basis.
Not if you are a member of another union. If not, cover begins after any new matter that arises after your first deduction.
IBSA is a founding affiliate of the Federation of Unions of South Africa (FEDUSA) who represents IBSA at the National Economic Development and Labour Council (NEDLAC) where leadership of government, labour, business as well as community meet to discuss issues affecting the Insurance and Banking sector. FEDUSA is an essential voice of IBSA in the Public Finance and Monetary Chamber.
Yes. Members can access accredited courses via DUT and INSETA partnerships.
Yes. Our team will assist with the transition seamlessly.