On 28 March 2024, the FSCA issued FSCA Communication 11 of 2024 (RF): Extension of completion date of the first 11 modules of trustee training toolkit, the launch of the second phase, and determination of dates for completion thereof in terms of Conduct Standard 4 of 2020 (RF).
The Financial Sector Conduct Authority (FSCA) rolled out a mandatory training program, the Trustee Training Toolkit (TTK), for retirement fund board members in September 2023. This program was aimed at equipping retirement board members with the knowledge to perform their duties effectively.
There were initial technical glitches in the system preventing many board members from accessing the online TTK platform. In response, the FSCA has extended the deadline to complete the first 11 modules, in terms of FSCA RF Notice 5 of 2024.
Below is a breakdown of the deadlines:
- For existing board members and those appointed by 28 March 2024: The deadline to complete the first 11 modules has been extended to 30 September 2024 (previously within six months from the date of publication of FSCA RF Notice 21 of 2023)
- For new board members appointed after 28 March 2024: These members will have six months from their appointment date to finish the first 11 modules.
Additionally, the FSCA has launched the remaining modules (12-22) of the TTK program. Below is the completion schedule for these modules:
- Existing board members and those appointed by 28 March 2024, have six months from the publication date of FSCA RF Notice 6 of 2024 to complete modules 12-22. In this regard, FSCA RF Notice 6 of 2024 has determined the dates by which board members must these complete modules.
- New board members appointed after 28 March 2024 have six months from their appointment date to finish modules 12-22.
By implementing the extended deadlines, the FSCA can ensure that all board members have sufficient time to complete the TTK program, despite the initial access issues. Board Members must ensure that they complete the program as a crucial step to ensuring they have the required knowledge and skills which the FSCA deems as necessary to properly manage retirement funds.