Regulatory Alerts2020-06-08
FSCA Draft Conduct Standard on Communication of Benefit Projections to Pension Fund Members
The Financial Sector Conduct Authority (FSCA) has published a draft Conduct Standard mandating pension fund administrators to clearly communicate benefit projections to members. Issued under the Financial Sector Regulation Act and Pension Funds Act, the standard establishes specific disclosure requirements to ensure members receive accurate and timely projection information. Interested parties may submit written comments on the draft standard, supporting statement, and comment template to the FSCA by 31 July 2020.
FSCA COMMUNICATION 31 OF 2020 (RF) Publication of draft Conduct Standard on Communication of benefit projections to members of pension funds
- PURPOSE The purpose of this Communication is to inform stakeholders that on 8 June 2020 the Financial Sector Conduct Authority (FSCA) published the following draft Conduct Standard and supporting documents in terms of section 98(1)(a) of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017) (FSR Act) for public comment: • Draft Conduct Standard – Communication of benefit projections to members of pension funds; • Statement supporting the draft Conduct Standard; and • Comments Template.
- INVITATION TO COMMENT ON DRAFT CONDUCT STANDARD 2.1 The draft Conduct Standard is to be issued in terms of section 106(1) of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017) and section 32A(1) of the Pension Funds Act, 1956 (Act No. 24 of 1956). 2.2 Interested parties are invited to submit comments on the draft Conduct Standard by 31 July 2020 to FSCA.RFDStandards@fsca.co.za. 2.3 The documents referred to in paragraph 1 are available on the FSCA’s website at www.fsca.co.za.
- CONTACT For more information regarding the draft Conduct Standard and/or this statement please contact the Regulatory Framework Department of the Authority at Andile.mjadu@fsca.co.za or Tsepiso.Koto@fsca.co.za DATE OF PUBLICATION: 8 JUNE 2020
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