Moonstone reported in August that the FSCA intended to launch its new Trustee Training Toolkit (TTK) in September, when the first 11 modules become available.
Read: New Trustee Training Toolkit will come online in September
The FSCA published a notice on 27 September setting the deadlines for board members of retirement funds to complete the first 11 modules.
All trustees who were appointed on or before 26 September 2023 have six months from the date of the publication of the notice to complete the first 11 modules.
Trustees who were appointed or elected after 26 September 2023 must complete the first 11 modules within six months of their appointment or election, FSCA RF Notice 21 of 2023 states.
The new TTK replaces the initial TTK and must be completed by all board members irrespective of whether they completed the initial (old) TTK, the Authority said in a separate communication.
The FSCA expects to launch the remaining 11 modules in March 2024.
The first 11 modules of the new TTK are available at https://elearning.fsca.co.za/home
The TTK is a free e-learning programme that has been developed to provide board members of retirement funds (trustees) with a better understanding of their roles and to assist them in performing their fiduciary duties more effectively and efficiently, the FSCA said.
Section 7A(3) of the Pension Funds Act requires board members of retirement funds to attain prescribed levels of skills and training within six months after being appointed or elected and to retain such prescribed levels throughout their term of appointment.
Conduct Standard 4 of 2020 (CS4) prescribes the minimum skills and training requirements for board members of retirement funds. It also prescribes the TTK as the official minimum training requirement for all trustees of retirement funds. In accordance with the conduct standard, a board member must attain the certification of the TTK within six months from the date of appointment or election to the board.
The FSCA hosted workshops in September 2022 to introduce the new Toolkit. Recordings of the workshops are available on the FSCA’s YouTube channel. Click on the Playlists tab where you will find the “Trustee Training Toolkit Workshops 2022” playlist.
For assistance with the current and the new TKK, send an email to TrusteeToolkit.Technical@fsca.co.za or phone 012 428 8000.
For more information about FSCA RF Notice 21 of 2023, contact the FSCA’s Retirement Funds Department by emailing Tando Mbono at Tando.Mbono@fsca.co.za.
To download FSCA RF Notice 21 of 2023 and the accompanying communication, go to www.fsca.co.za > Regulatory Framework > Notices > Retirement Funds > 2023.
