Regulatory Alerts2022-02-15
Conduct Standard on Payment of Pension Fund Contributions
The Financial Sector Conduct Authority has finalized amendments to its draft Conduct Standard following a public consultation that received 178 submissions. The revised standard mandates pension funds to ensure employers provide accurate and timely contribution payments, featuring flexible minimum data requirements and a six-month implementation window subject to extension. It also clarifies employer notification timelines, maintains reporting obligations to law enforcement authorities, and confirms that existing legal penalties adequately enforce compliance without imposing significant new industry costs.
Share