STEPHEN CRANSTON: Sanlam Corporate explains new pensions regulations
The rules will affect insurers, brokers, employers, members and beneficiaries and also funds and administrators
There have been so many new rules in the pensions industry that it was quite a relief to get a morning seminar from Sanlam Corporate. It was certainly a better bet than trying to get the rules explained directly by the Financial Sector Conduct Authority (FSCA), which has little experience of the private sector or no empathy with it. It appointed leading pensions lawyer Rosemary Hunter as an experiment but she fell out quite dramatically. People with extensive experience of employee benefits such as Chris Brits of EB Net and Alan Greenblo of Today’s Trustee also turned up at the Sanlam seminar in the hope that they could make sense of the new rules. The best (worst?) example of bureaucracy gone mad is the policyholder protection regulations (PPRs), which are easily confused with the PPRs introduced shortly before the Financial Advisory & Intermediary Services Act. These were designed to bring much needed disclosure to retail life products. The new PPRs apply to group risk, the compul...