The Financial Sector Conduct Authority (FSCA) is an independent institution, established by statute to oversee the South African non-banking financial industry to protect clients.
In the Retirement Fund industry, their mission is to promote a safe and stable environment for members of Retirement Funds and Friendly Societies, so that obligations of all stakeholders are met when due through our commitment, professionalism and teamwork.
In a nutshell, the FSCA is responsible for the following with regards to Retirement Funds:
- Departmental Structure
- Licensing and Registration
- Registration of Pension Fund rules and Amendments thereto
- Licensing of 13B administrator
- Prudential
- Monitor Financial Soundness of Funds
- Monitor Compliance with Prudential investment guidelines
- Supervision of liquidations
- Surveillance and Enforcement
- On-Site visits
- Risk-Based Supervision
- Complaints
- Research and Policy
- Changes to legislation
- Issue of Directives, circulars and information circulars
Click on their link below to read in more detail about the FSCA
https://www.fsca.co.za/Pages/Default.aspx