Institute retirement funds south africa
In an industry that is undergoing significant regulatory changes and battling cases of corruption and poor administration, the spotlight has never shone so brightly on retirement funds.
However, talking about reform and then teaching its principles and fine details are two entirely different animals. Discovery CEO Adrian Gore says that Human beings are miscoded unsuited for financial planning.
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Category Compliance - Regulatory. Retirement fund trustees receive governance training. Steven van Schanke, CEO, IRF. With thousands of retirement funds in South Africa, the industry is an influential and powerful tanker that is understandably difficult to turn.
The Institute of Retirement Funds Africa IRFA , SA's leading industry body, have responded to the government directives, as well as the needs of retirement fund members, by creating trustee development training seminars to improve governance which were completed last week in Cape Town, Durban and Johannesburg.
These will now be followed up with a second session in September. The seminars are well timed - the industry has only recently experienced negative publicity after a suspension due to misconduct from the R1.
That puts a huge demand on trustees to be compliant and up-to-speed, or there could be an intervention," explains Institute of Retirement Funds Africa IRFA CEO, Steven van Schanke. The list of expectation does not cease at financial control and administration, but extends into ethical conduct as well. This has been illustrated by the creation of dubious incentive schemes offered to advisers, the failure to disclose charges to members, and then trustees re-directing responsibility for charges laid against them to service providers.
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Even if the trustee has been 'trained', but it's a few years back, the changes within our industry are moving at lightning pace. It's something that you cannot be lethargic about.
Learners will be given NQF level 3 certificates and will receive an in-depth understanding of the responsibility and duties of a trustee. This is perfect for both new trustees and principal officers who are standing for election for the first time, or seeking re-election and needing a refresher course to update their knowledge while building a career in the industry," adds van Schanke.
The leading training specialist at the event, Herme Slabber of Principle Financial Consultants, adds, "Trustees must attain the necessary skills and training within 6 months of appointment, and are expected to retain these skills throughout office. Building the correct fundamental skills through outcomes-based education and training can achieve this.
As an accredited provider with the INSETA we believe training in line with unit standards on the NQF is the only way to provide for continuous education of trustees. With The Treasury seeking to make retirement saving compulsory for another six million South Africans who are not members of retirement funds, there could be a huge influx of funds to be invested, monitored and managed. Workers will need to understand what they've invested in, and should be updated regularly on the status of their investment - an activity that is sorely lacking at present from many of the funds.
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Much has been said about PF , issued by The Financial Services Board in to drive corporate governance in the industry, but more can be done. Its intricate detail and high expectation is admirable, but requires further practical application, guidance and leadership, as with anything in South Africa. Perhaps this training may act as the catalyst to drive accountability, contribute to much-needed retirement reform, and install safeguards for member's hard-earned life savings.
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QUESTION Discovery CEO Adrian Gore says that Human beings are miscoded unsuited for financial planning. The evidence is in the South African savings rate. People merely face more challenges now than ever before. This is why there will always be a place for financial advisers in the industry. A E fanews magazine. Kry die nuutste uitgawe van FAnuus Hoogtepunte van die maand: Welvaartbelasting… Bietjie te ver gevat? Get the latest issue of FAnews This month's headlines FIA Awards… a whole new journey.
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