Today's Labour News

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fsblogoMoneyweb reports that in a bid to curb corruption in the pension fund industry, Dube Tshidi, the registrar of pension funds at the Financial Services Board (FSB), has issued a directive forbidding the giving or receiving of gifts.  

Specifically this will prevent asset managers from using gifts as a means of soliciting business, and pension fund principal officers, board members or trustees from receiving any material gift.  The directive (No. 8: Prohibition on the Acceptance of Gratification, March 08, 2018) appears to limit any gift or gratuity to no more than a token amount of R500 per year from any one party.  This directive brings legislation governing the pension funds industry more in line with that governing financial services providers, which falls under the Financial Advisory and Intermediary Services (Fais) Act.  The new directive makes it clear that all fiduciaries in the service of retirement funds – from the principal officer to employees of administrators to future service providers – are now subject to a gratuity limit.  Further the registrar has made the definition of “gratification” sufficiently wide and inclusive so as to prohibit the giving of any material gift.

  • Read this informative report by Sasha Planting in full at Moneyweb

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