Regulatory Alerts2020-07-10
FSCA Conduct Standard on Minimum Skills and Training Requirements for Pension Fund Board Members
The Financial Sector Conduct Authority (FSCA) issued a final Conduct Standard requiring pension fund board members to meet minimum skills and training benchmarks. Addressing prevalent knowledge gaps among elected and appointed directors, the regulation mandates that new board members achieve prescribed competencies within six months of appointment. The standard, developed through extensive public consultation and parliamentary review under the Financial Sector Regulation Act, is now publicly accessible alongside its supporting documentation.
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