Regulatory Alerts2024-08-29
FSCA Exemption of Retirement Funds from Section 14 Conduct Standard Provisions
The Financial Sector Conduct Authority (FSCA) issued a general exemption notice permitting retirement funds to utilize revised Section 14 application forms rather than the current prescribed versions. This interim measure addresses regulatory misalignments introduced by the Two-Pot retirement system, which mandates that transfer values be differentiated into two components instead of a single figure. The exemption will automatically lapse once the FSCA completes its statutory consultation process and publishes the final amended Conduct Standard.
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