Audit exemptions for retirement funds set to be tightened
FSCA proposes consolidated prudential standard for financial reporting requirements.
FSCA proposes consolidated prudential standard for financial reporting requirements.
The amendments to regulation 28 of the Pension Funds Act take effect on January 3.
The exemption does away with the R50 000 average-benefit-per-member threshold and caps the membership threshold at 100.
The Financial Services Tribunal (FST) has told the FSCA to reconsider the penalty of R4 000 a day it imposed on Akani Retirement Fund Administrators in 2020 for not submitting reports timeously. The total […]
The FSCA is taking a number of steps to encourage retirement funds to invest in green and other ESG investments.
Whistleblower asserts that members’ money was stolen, although a forensic investigation found no evidence of this.
Adjudicator said the fund was ‘wrong’ to rely on the fact that the sons were not financial dependants.
National Treasury has “loosened the lids” on the pots in the two-pot retirement system, agreeing to amend the draft legislation so that fund members will be able to access the savings they accumulated […]
The Association for Savings and Investment South Africa (Asisa) has welcomed National Treasury’s decision to move out, by a year, the date for implementing the two-pot retirement system but still believes the new […]
National Treasury has proposed amending the draft two-pot retirement legislation to clear up a number of grey areas identified by stakeholders. The proposed changes were announced on Tuesday, when Treasury addressed the National […]
A decision by a pension fund was referred to the Pension Funds Adjudicator’s office, and subsequently to the Financial Services Tribunal by the disgruntled siblings of the deceased. Background After the death of […]
The Association for Savings and Investment South Africa (Asisa) says retirement funds and administrators would like at least 18 months from the date on which the final legislation is gazetted in which to […]
The Financial Services Tribunal (FST) has decided that a retirement fund was correct in refusing to deduct a judgment debt from the withdrawal benefit of a former employee whose negligent or reckless driving […]
The eJoburg Retirement Fund has been ordered to revise a death benefit allocation after the High Court found the deceased’s alleged customary marriage was unlawful and the fund’s justification for allocating 15% of […]
The FSCA has concluded an enforceable undertaking with the ANC Staff Provident Fund on how it is clear the reported R85 million in arrear contributions. The fund is a defined contribution fund with […]
The past 30 years have seen a significant move away from employer-sponsored standalone retirement funds to employers participating in commercial umbrella funds. The trend has been driven by the regulator wanting fewer retirement […]
The FSCA is taking regulatory action against past and present trustees of the Private Security Sector Provident Fund (PSSPF) after concluding its three-year investigation into the board. In a statement, the FSCA said […]