Regulatory Alerts2018-01-01
Financial Services (Disclosure Requirements for Pension Products and Services) Directive, 2018
Issued by the Registrar of Financial Institutions under the Financial Services Act, this Directive establishes minimum disclosure requirements for all pension providers to ensure financial consumers receive clear, accurate, and timely information. It mandates the preparation of a standardized Key Fact Statement detailing product terms, fees, risks, and taxation, which must be provided at no cost before contract signing. The Directive further outlines board oversight responsibilities, specifies disclosure formats and accessibility standards, and empowers the Registrar to enforce compliance through monetary and administrative penalties.
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