Regulatory Alerts2020-06-15
Conduct Standard on Minimum Skills and Training Requirements for Pension Fund Board Members
The Financial Sector Conduct Authority has published a consultation report finalizing the Conduct Standard mandating minimum skills and training for all pension fund board members through a Trustee Starter Toolkit. Addressing industry feedback, the Authority clarified that practical supervision by principal officers or chairpersons can be satisfied via trustee declarations and confirmed that non-compliance does not automatically disqualify trustees. Following the review of forty-one submissions, no material policy changes were required, allowing the Authority to proceed directly with submitting the standard to Parliament for enactment.
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