Regulatory Alerts2019-06-03
Directive 8, Whistleblowing and Enforcement Actions
The Financial Sector Conduct Authority issued Directive 8 to prohibit the acceptance of gratification by retirement fund officials and service providers, thereby preventing corruption and ensuring fitness and propriety. The directive mandates immediate reporting of breaches to the FSCA or priority crime investigators, establishes protected disclosure processes under the Pension Funds Act to shield whistleblowers from occupational detriment, and clarifies compliance through practical examples. It further empowers the FSCA to issue binding directives, accept enforceable undertakings, and impose debarment orders on non-compliant individuals to safeguard financial market integrity and member interests.
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