This news aggregator site highlights South African labour news from a wide range of internet and print sources. Each posting has a synopsis of the source article, together with a link or reference to the original. Postings cover the range of labour related matters from industrial relations to generalist human resources.
Moneyweb reports that consumers are expected to benefit from stronger protection, clearer communication and fairer treatment once the long-awaited Conduct of Financial Institutions (Cofi) Bill comes into force.
The legislation aims to bring all financial institutions under a single conduct framework. Webber Wentzel’s Nicolette van Vuuren indicated that for pension fund members in particular, there will be stricter requirements on funds to communicate any issues with contributions. She added that there should also be greater financial stability in retirement funds thanks to oversight by the SA Reserve Bank’s Prudential Authority. In the Pension Funds Adjudicator’s latest annual report, employers’ continued failure to pay over pension contributions to funds is noted as a persistent concern and the main reason for complaints.
Under Cofi, employers that participate in a retirement fund will be defined as a “supervised entity” Van Vuuren explained further: “Although the legislation does not directly have oversight of employers, the regulators will be able to issue conduct standards and directives, investigate matters, and even remove directors – particularly in cases where employers default on contributions.” The bill also introduces stringent governance and ethical standards, requiring trustees, principal officers, and executives to demonstrate honesty, integrity and competence. Even public sector funds, such as the Government Employees Pension Fund, will fall under the new framework and will have to align with Cofi. Although National Treasury originally set early 2026 for Cofi’s promulgation, industry experts now believe implementation may take longer.
- Read the full original of the report in the above regard by Liesl Peyper at Moneyweb
Get other news reports at the SA LabourNews home page