Regulatory Alerts2020-12-14
FSCA Communication 56 of 2020 (RF) – Supervisory Concerns on Statutory Returns Submission
The Financial Sector Conduct Authority has tightened oversight of statutory returns submissions by retirement funds and administrators, requiring stricter adherence to filing deadlines and internal governance. Effective 1 March 2021, extension applications must be signed by a fund’s Principal or Deputy Principal Officer and authorized board member, with further delays granted only for exceptional circumstances rather than poor planning or administrative bottlenecks. Funds must ensure timely submissions to avoid penalties, maintain accurate member data for SARS tax compliance, and submit pending section 14 transfer information by 31 March 2021.
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