Regulatory Alerts2019-06-03
FSCA Financial Statements for Retirement Funds
The Financial Sector Conduct Authority (FSCA) mandates retirement fund boards to prepare and submit comprehensive annual financial statements covering Schedules A through I, ensuring accurate regulatory reporting and fiduciary accountability. The framework requires funds to demonstrate strict compliance with Regulation 28 investment limits, scaling audit obligations by asset size while emphasizing proactive risk monitoring, service provider oversight, and transparent disclosure of non-compliances. Boards must utilize these financial reports as a core governance tool to evaluate investment policy statements, assess member-level breaches, and implement corrective actions that safeguard long-term fund sustainability and fair member outcomes.
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