Regulatory Alerts2023-01-23
FSCA Communication 1 of 2023 (RF): Enhanced Online Submission Process for Section 14 Transfer Applications
The Financial Sector Conduct Authority has enhanced its online submission system for Section 14 transfer applications under the Pension Funds Act to expedite approvals and reduce processing delays. The updated platform introduces mandatory validation checklists, automated fee calculations for multiple employers and effective dates, and real-time audit trail access to ensure complete and accurate submissions. These operational improvements take effect on 1 February 2023, enabling retirement funds and benefit administrators to track application status directly and minimize administrative queries.
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