FSCA’s frontline warning to pension fund trustees

In episode two of the Regulatory Rulebook series, Takalani Lukhaimane, who leads the Financial Sector Conduct Authority's Retirement Funds Frontline Conduct Supervision team, highlights where boards are falling short - from section 13A breaches to weak oversight and rising unclaimed benefits. She points to persistent red flags, including superficial minutes, unmanaged conflicts, poor administrator oversight and growing unclaimed benefits - and warns that outsourcing does not remove accountability as outcomes-based supervision intensifies and The Conduct of Financial Institutions (Cofi) bill approaches.