Regulatory Alerts2018-03-31
Information Circular 2 of 2004: Service Level Commitment for Retirement Fund Processing
The South African Financial Services Board issued this circular to establish a Service Level Commitment defining the roles, turnaround times, and fee structures for processing retirement fund applications between the Pensions Department and the industry. The directive mandates unregistered funds to apply for registration within six months, introduces discounted fees and expedited processing for standard rules, and requires funds to consolidate their rules after ten amendments. It further enforces strict sixty-day deadlines for rule amendments, mandates electronic submissions after six months, and outlines penalty provisions for non-compliance or delayed responses.
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