The Financial Sector Conduct Authority (FSCA) is gearing up to launch the newly revamped trustee training toolkit (TTK) e-learning platform.
The first 11 modules of the platform will be launched in September 2023, with the other eleven modules being launched in 2024.
The TTK is a free e-learning programme which has been specifically developed to provide board members of retirement funds (trustees) with a better understanding of their roles and to assist them in performing their fiduciary duties more effectively and efficiently.
The FSCA would like to notify trustees that completing the new TTK will be compulsory.
Section 7A(3) of the Pension Funds Act requires board members of retirement funds to attain prescribed levels of skills and training within six months after being appointed or elected and to retain such prescribed levels throughout their term of appointment.
Conduct Standard 4 of 2020 (CS4) prescribes the minimum skills and training requirements for board members of retirement funds. It also prescribes the TTK as the official minimum training requirement for all trustees of retirement funds in South Africa.
In accordance with CS4, a board member must attain the certification of the TTK within six months from the date of appointment or election to the board.
The FSCA said it “encourages all trustees to proactively complete the new toolkit once it has been launched”.