Illuminate

Treating Customers Fairly and Retirement Funds

The Financial Services Conduct Authority (FSCA) (formerly, the Financial Services Board) will in future have a greater focus on customer fairness outcomes (over and above checking compliance with specific rules-based provisions) when conducting on-site visits or when complaints or business practices are investigated. These Treating Customers Fairly (TCF) requirements are contained in four draft notices published for comment in October 2017.

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Enabling total wellness outcomes

Employee assistance programmes or wellness programmes have become widespread across South African employers – for good reason. There is an increased prevalence and impact of lifestyle-related diseases in the workplace – diseases such as diabetes, pulmonary conditions and heart disease – at younger ages than in the past. Much of this may be attributed to behaviour such as inactivity, smoking, poor nutrition and alcohol consumption.

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Trustee investment responsibility and regulation

We have recently seen increased monitoring and surveillance of retirement fund investments by the regulatory authorities, the Financial Sector Conduct Authority (FSCA – formerly, the FSB) and the South African Reserve Bank (SARB).

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Millennials and the digital revolution

Millennials have been a focus point of many large organisations in the recent and not so recent past. Research has been extensive and at the same time narrow with regard to the findings in respect of these much-maligned creatures that workplaces find seemingly impossible to manage successfully.

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