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The FSCA Commissioner talks Retirement Fund Strategy at the Annual Pension Lawyers Association Conference |
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By Boitumelo Manganyi – Communication and Language Services
The Pension Lawyers Association (PLA) hosted its 26th annual PLA conference. This is a platform where legal experts provide practical analysis and discuss legal issues affecting the financial services and retirement funds industry.
This year delegates saw the commissioner of the FSCA, Unathi Kamlana, take centre stage in introducing
the FSCA leadership, the new regulatory strategy and the emerging retirement funds strategy in context.
“FSCA has been hard at work ensuring that it achieves its vision of fostering a fair, efficient, and resilient financial system that supports inclusive and sustainable economic growth in South Africa. We recently published our revised Regulatory Strategy, which outlines our key priorities for the period – December 2021 to March 2025 - allowing the organisation to better fulfil its mandate.” Said Kamlana.
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| The Covid-19 pandemic had a crippling effect on the economy placing significant pressure on the retirement fund industry resulting in an increase in pension fund liquidations and request for contribution relief by employers in the year 2020. |
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| Not only did the pandemic put pressure on the industry, it also put pressure on members to access and make premature withdrawals of their retirement funds. |
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Covid-19 was one of the inevitable risks that the industry did not anticipate, the results of the pandemic has now placed the regulator in a position to better mitigate industry risks thus creating a new policy approach to the retirement fund industry. The FSCA is set to refine and improve the retirement fund strategy and implement a new policy approach that encourages South African households to save more for retirement. The objective of this policy is stationed around preservation, coverage and enhanced value through cost containment and consolidation.
The Retirement Fund Strategy will maintain the pre-emptive, outcomes focused and risk-based approach in order for the FSCA to align and improve regulation of the retirement fund industry. The emerging retirement fund strategy will support an innovative, inclusive and responsible retirement savings sector and enable the FSCA to proactively assess the possible risks and respond to them appropriately and regularly.
In addition, the strategy will enhance member understanding and decision-making as well as improve industry conduct, compliance and Treating Customers Fairly practices through enhanced supervision, guidance and support, and decisive enforcement action.
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The strategy will pave way for the roll out of the following key priorities: |
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Building stronger market conduct supervision capacity and focus, with special attention on full TCF adoption and trustee accountability
Implementation of conduct of business returns to enhance regulatory data
Collaboration and data exchange with relevant regulators such as CIPC, PA and SARS
Market enquiry into complaints handling by retirement funds and 13B Administrators
Enhanced guidance to and engagement with industry
Sustainable finance and investment roadmap
Broader FSCA focus on unclaimed assets in financial sector (Unclaimed Assets Framework)
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| Our Vision |
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| To foster a fair, efficient, and resilient financial system that supports inclusive and sustainable economic growth in South Africa. |
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Contact info
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Call Centre: (+27) 0800 20 37 22 4
Switchboard: (+27) 12 428 8000 |
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41 Matroosberg Road, Block B, Riverwalk Office Park, Ashlea Gardens, Pretoria, 0002 |
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| © All Rights Reserved FSCA Newsletter. |
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