Regulatory Alerts2025-01-31
PFR10 – Minimum Standards and Conduct of Board of Trustees 2024
The Non-Bank Financial Institutions Regulatory Authority (NBFIRA) issues PFR10 to establish comprehensive minimum standards and ethical conduct requirements for the Boards of Trustees governing licensed Retirement Funds. The rules mandate fit-and-proper trustee appointments, structured board committees, robust risk and communication policies, strict conflict-of-interest management, and timely reporting of non-compliance to the regulator. Furthermore, trustees must conduct annual performance assessments, maintain continuous training programs, and ensure transparent fiduciary oversight of service providers to safeguard member interests.
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