Regulatory Alerts2018-03-31
Information Circular 4 of 2016: Annual Financial Statement Submission Requirements and Penalties
The Financial Services Board reminds pension fund boards of their statutory duty under the Pension Funds Act to submit audited annual financial statements within six months of their financial year-end. Failure to comply constitutes a breach of fiduciary obligations and may trigger a fitness and properness review under Section 26(4) of the Act. The Registrar will impose administrative penalties of R60 per day for the late submission of 2014 annual financial statements, with funds advised to make appropriate financial provisions.
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