FSB commends retirement fund trustees

retirementplansmall

The Financial Services Board (FSB) has commended the efforts of the South African Retirement Funds Industry in ensuring that fund trustees are better equipped to discharge their responsibilities.

Speaking in Durban yesterday on the side-lines of the 2016 conference of the Institute of Retirement Funds Africa (IRFA), Head of Prudential Supervision in the pensions division of the FSB, Wilma Mokupo, said it was encouraging that the industry was looking at global best practice when it comes to the work of trustees.

A research study commissioned earlier this year by the IRFA, and supported in terms of research modelling and survey administration by the FSB, has been key in gauging the perceptions of trustees and getting the industry to rate itself in terms of fund governance and its various subsets. The research, undertaken by an independent research consultant to ensure objectivity, was co-sponsored by the SABC Pension Fund.

Speaking earlier on a panel looking at the results of the research study, Ms Mokupo said the research indicated that trustees need more training on board evaluation, vendor selection, and business ethics.

“Trustee training is part of good governance and trustees need to have the right skills and a moral compass to be able to make good decisions for their funds, in the interests of beneficiaries. The FSB will continue to work with industry in providing the guidelines for minimum training to be attained and retained by trustees”

Mokupo said the FSB was receiving great feedback from trustees on the online toolkit the regulator launched a few years ago. The FSB is now awaiting approval from the South African Qualification Authority for the National Trustee Qualification, which is set to be a ground-breaking move, one of the first such qualifications in the world.

“The goal is to have the trustee toolkit accredited so it can be considered for prescribed learning for trustees. We will also need accredited trainers and service providers to administer the training. So, there are a number exciting developments ahead,” said Mokupo.

 

 



Latest


21 Sep 2020
Women are lagging in retirement savings and are debilitated by stress

In a recent study of their client base, Momentum Corporate revealed that almost half (41%) of the employees on the…

Women are lagging in retirement savings and are debilitated by stress

In a recent study of their client base, Momentum Corporate revealed that almost half (41%) of the employees on the FundsAtWork Umbrella Funds are women. With an almost 50/50 gender split across the client base, a one-size-fits-all approach to advice on employee benefits simply won’t cut it. This is according…

15 Sep 2020
Despite COVID-19, SA investors expect higher future returns

Even as COVID-19 halted the longest economic expansion on record and plunged the world into deep recession, South African investors…

Despite COVID-19, SA investors expect higher future returns

Even as COVID-19 halted the longest economic expansion on record and plunged the world into deep recession, South African investors expect to make an average annual total return of 12.67% – almost 2% higher than the global average predicted returns of 10.9%. This was revealed in the recently released Schroders’…

15 Sep 2020
Are cryptocurrencies here to stay?

The recent news that cryptocurrency giant, Digital Currency Group, has acquired cryptocurrency exchange company, Luno, has once again highlighted the…

Are cryptocurrencies here to stay?

The recent news that cryptocurrency giant, Digital Currency Group, has acquired cryptocurrency exchange company, Luno, has once again highlighted the rise of cryptocurrencies as a possible alternative to the current global financial system. According to Old Mutual Investment Group Director of Investments, Hywel George, Bitcoin, as well as a number…

10 Sep 2020
How too much choice is draining your brain

By: Paul Nixon, head of technical marketing and behavioural finance at Momentum Investments From the words of Francis Scott Key…

How too much choice is draining your brain

By: Paul Nixon, head of technical marketing and behavioural finance at Momentum Investments From the words of Francis Scott Key that dubbed America “The land of the free”, which stuck, to the unforgettable Mel Gibson monologue where an army of painted Scots were willing to trade their lives for the…


Top stories


10 Apr 2020
When the going gets tough, farmers are on familiar territory

South African farmers are old hands at adapting to uncertain and daunting circumstances, and our local agricultural industry has proved…

When the going gets tough, farmers are on familiar territory

South African farmers are old hands at adapting to uncertain and daunting circumstances, and our local agricultural industry has proved to be most enterprising in acclimatising to challenges as they arise.

13 Apr 2020
Investors should keep a reasonable investment allocation outside of SA

MoneyMarketing asked Roland Gräbe, the head of Tailored Fund Portfolios at Old Mutual Wealth, about offshore investments in the COVID-19…

Investors should keep a reasonable investment allocation outside of SA

MoneyMarketing asked Roland Gräbe, the head of Tailored Fund Portfolios at Old Mutual Wealth, about offshore investments in the COVID-19 environment and what form a global market recovery will take.

13 Apr 2020
SA’s Proposed Covid-19 Disaster Management Tax Relief

The National Treasury recently issued the draft Disaster Management Tax Relief Bill (Bill) for public comment by 15 April. The…

SA’s Proposed Covid-19 Disaster Management Tax Relief

The National Treasury recently issued the draft Disaster Management Tax Relief Bill (Bill) for public comment by 15 April. The draft Bill, together with its explanatory memorandum, provides clarity with regards the tax relief measures President Cyril Ramaphosa announced on 23 March.

11 Apr 2020
Finding investment opportunities among the many COVID-19 risks

With many countries around the world in lockdown as they try to contain the spread of the COVID-19 virus, the…

Finding investment opportunities among the many COVID-19 risks

With many countries around the world in lockdown as they try to contain the spread of the COVID-19 virus, the global economy is facing an unprecedented situation of balancing health against financial livelihoods.


Visit the official COVID-19 government website to stay informed: sacoronavirus.co.za