FSCA COMMUNICATION 15 OF 2025 (RF)

Publication of FSCA Conduct Standard 2 of 2025 (RF) - Conditions Prescribed in respect of Pension Fund Benefit Administrators

1. PURPOSE

The purpose of this Communication is to inform stakeholders that, today, the Financial Sector Conduct Authority (FSCA) published the following documents:

1.1 FSCA Conduct Standard 2 of 2025 (RF) - Conditions Prescribed in respect of Pension Fund Benefit Administrators (Conduct Standard);

1.2 Statement of Need and Impact of the Conduct Standard;

1.3 FSCA RF Notice 10 of 2025 – Determination of Forms in respect of Submissions by Pension Fund Benefit Administrators; and

1.4 Consultation Report.

2. SUMMARY

2.1 In terms of section 13B(1) of the Pension Funds Act (PFA), the FSCA may prescribe conditions for persons who, on behalf of a pension fund, administer the receipt of contributions or the disposition of benefits provided for in the rules of a fund (hereafter referred to as benefit administrators).

2.2 Currently, conditions in respect of benefit administrators are prescribed in Board Notice 24 of 2002, published in Government Notice No. 10505 of Government Gazette 23153 of 1 March 2002 (BN 24 of 2002).

2.3 However, the FSCA has identified a need to strengthen the existing regulatory framework set out in BN 24 of 2002, and for this reason the FSCA is publishing the Conduct Standard which replaces BN 24 as the new enhanced regulatory framework applicable to benefit administrators.

2.4 The process for making regulatory instruments is prescribed in Chapter 7 of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017). The said process has now been concluded, and the FSCA has therefore published the final Conduct Standard. Most paragraphs of the Conduct Standard come into operation on the date of publication, whilst the operation of certain paragraphs are delayed, as set out in paragraph 40(3) thereof.

2.5 Simultaneously with the Conduct Standard, the FSCA has also published FSCA RF Notice 10 of 2025, which notice determines the format of submissions to be made to the FSCA in terms of the Conduct Standard.

3. ENQUIRIES

3.1 The documents referred to in paragraph 1 are available on the FSCA’s website at www.fsca.co.za.

3.2 For more information regarding draft Prudential Standard, and/or this Communication please contact the FSCA’s Regulatory Framework Department at Marianne.Vanrooyen@fsca.co.za or Andile.Mjadu@fsca.co.za.

UNATHI KAMLANA
COMMISSIONER
FINANCIAL SECTOR CONDUCT AUTHORITY

Date of publication: 6 August 2025