Regulatory Alerts2024-09-13
FSCA Communication 33 of 2024 on Two-Component System Administration Fees
The Financial Sector Conduct Authority has issued an information request requiring pension fund administrators and self-administrated funds to report on administration fees associated with the two-component retirement system. Submitters must complete Annexure A and return it via email by 30 September 2024 to enable the regulator to calculate and publish findings on how these fees are determined for members withdrawing from savings components. Failure to comply constitutes an offence under the Pension Funds Act and Financial Sector Regulation Act, exposing non-compliant entities to fines of up to R10 million or imprisonment for individuals and daily penalties of up to R1,000 for supervised entities.
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