Government Employees Medical Scheme now authorised as a Financial Services Provider

The Government Employees Medical Scheme (GEMS) has been authorised as a Financial Service Provider (FSP) in terms of the Financial Advisory and Intermediary Services Act. GEMS is the largest restricted membership medical scheme in South Africa, with over 800 000 principal members and more than two million beneficiaries. It was created specifically to provide healthcare coverage for public service employees.

GEMS’ authorisation as an FSP is a significant achievement towards the attainment of its strategic objectives. An FSP is defined as “any person, other than a representative, who as a regular feature of the business of such person furnishes advice, or renders any intermediary service, or both”.

“This milestone has been a long time in the making and speaks directly to GEMS’ mission to provide all members with equitable access to affordable and comprehensive quality healthcare,” says Principal Officer Dr Stan Moloabi. He adds, “We also take pride in this achievement as a demonstration of our understanding and addressing of our families’ needs, even better.”

The accreditation unlocks several opportunities for the scheme and its membership. Client Liaison Officers (CLOs) in GEMS’ nine regional offices, who are responsible for looking after the interests and customer experience of current and prospective members, can now provide financial advice. This will mean improved service delivery.

GEMS offers five main benefit options, all designed using a rigorous analytical approach considering the Council for Medical Schemes’ (CMS) requirements, member affordability, and GEMS’ clear strategic intent. “We look forward to the shift in our journey that the FSP license represents and remain committed to realising member value through excellence, innovation, and integrity,” says Moloabi.