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Retirement Funds Conduct Supervision

This document outlines the responsibilities, key principles, and structures related to the conduct and supervision of retirement funds. It covers on-site inspections, risk-based frameworks, complaints handling, and regulatory actions.

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Retirement Funds Conduct Supervision

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  1. Retirement Funds Conduct Supervision Corlia Buitendag 12 September 2019

  2. Responsibilities: • Conduct on-site inspections. • Implementation of risk based supervisory framework for retirement funds. • Conduct related complaints. • Investigate RI’s, Whistleblower reports and referrals from other departments. • Appointment and supervision of section 26 trustees. • Curatorships. • Regulatory action. • Section 13A contraventions. • Theme based workshops with retirement funds.

  3. Key principles that need to be complied with • Pre-emptive and proactive. • Risk-based and proportional. • Intensive and intrusive. • Transparent and consultative.

  4. Departmental Structure Staff Compliment 25 Divisional Executive Departmental Head Unit 1 Unit 2 Unit 3

  5. Unit 1 - Fund Inspections: Small and medium funds Core functions: • Analysis and monitoring of market conduct returns. • Conduct planned on-site inspections on a risk-based approach (high risk funds). • Participate in the FSCA’s outreach program and overseeing the conduct of the applicable retirement funds in relation to their handling of unclaimed benefits. • Dealing with conduct related complaints. • Oversee compliance of funds and employers with the relevant requirements of section 13A of the Pension Funds Act in respect of outstanding contributions. • Investigation of reportable irregularities. • Special projects relating to the conduct supervision of retirement funds.

  6. Unit 2 - Fund Inspections: Large funds Core functions: • Conducting of high impact and routine planned on-site inspections of large retirement funds (the “top 200” funds). • Analysing and monitoring market conduct returns. • Conduct ad hoc on-site inspections in response to complaints, conduct concerns or for thematic purposes.

  7. Unit 3 - Fund Inspections: Retirement Funds in Distress and Administrative Action Core functions: • Supervision of retirement funds in distress. • Interventions in the management of a fund ito section 26. • Appointment of statutory management or curatorship, and related enforcement actions.

  8. Internal processes to be followed prior to enforcement action • RAF – Regulatory Action Forum • A number of regulatory instruments/actions available to address misconduct: • Enforceable undertaking • Directive • Administrative penalty • Debarment and removal of key persons Regulatory and or Enforcement actions

  9. Work in progress: • Issuing Section 13A Conduct Standards. • Market Conduct returns. .

  10. THANK YOU 

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