Regulatory Alerts2022-07-05
FSCA Draft Guidance Notice on Section 14(7) of the Pension Funds Act, 1956
The Financial Sector Conduct Authority published a draft Guidance Notice to clarify section 14(7)(b) of the Pension Funds Act, 1956 regarding intermediary remuneration during transfers between retirement annuity funds. The notice resolves legislative inconsistencies by establishing that the Pension Funds Act prevails over Long-term Insurance Act regulations for transfer-related fees, while mandating concurrent compliance with Financial Advisory and Intermediary Services Code provisions. Interested parties may submit comments via the provided template by 2 August 2022, preceding broader Conduct of Financial Institutions reforms that will ultimately replace the current remuneration framework.
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