Amina Yuda

Subscribe to all posts by Amina Yuda

Equitable Jurisdiction: The Pension Funds Adjudicator cannot make orders disregarding statutory provisions

Since 1 April 2019, the Pension Funds Adjudicator has been empowered to apply the principles of equity in dealing with complaints. The concept of an equity jurisdiction has raised concerns in the industry due to its discretionary nature. The concept of ‘equitable jurisdiction’ has been the subject of a recent determination by the Financial Services … Continue reading

Grace period for pension funds with no remaining members to comply with the Pension Funds Act

The Financial Sector Conduct Authority published a communication on 6 March 2020 aimed at pension funds who have no remaining members and still have historical outstanding actuarial valuation report submissions and outstanding annual financial statement submissions. The purpose of the communication is to set out the process to be followed by these pension funds in … Continue reading

PAJA applies to s37C Pension Funds Act decisions

In February the high court confirmed that the Promotion of Administrative Justice Act (PAJA) applies to section 37C decisions on the distribution of death benefits made by the boards of retirement funds under the Pension Funds Act. In Mbatha v Transport Sector Retirement Fund and Salt Employee Benefits the court also confirmed the accepted principles … Continue reading

Draft Conduct Standard for Banks published

The Financial Sector Conduct Authority (FSCA) has published a Draft Conduct Standard for Banks, under section 106(2)(b) of the Financial Sector Regulation Act 2017 (FSRA). The draft Conduct Standard applies to banks, mutual banks, co-operative banks, branches of foreign banks and representative offices of foreign banks (banks) and will apply in addition to any other … Continue reading
LexBlog