The National Pension Commission (PenCom) has sanctioned Crusader Sterling Pensions Limited, Guaranty Trust Pension Managers Limited, and five other Pension Fund Administrators (PFAs) for some regulatory infractions.
Others that also came under the hammer include RM Pension Managers Limited, Tangerine APT Pensions Limited, Access Pensions Limited, Leadway Pensure PFA limited, and Radix Pension Managers Limited.
The regulator stated that the PFAs were sanctioned during the first quarter of this year for violating regulations and guidelines of the Commission.
PenCom made this known in its Quarter 1, 2023 report, which section on operational activities stated that the commission held a PenCom/Operators Consultative Forum during the quarter. The report also said: “The Department also held a virtual meeting with the Chief Compliance Officers (CCO) of Licensed Pension Fund Operators. The meeting deliberated on the functional responsibilities of CCOs and the expectations of the Commission, in carrying out their statutory mandates.
“Status of guidelines and framework being reviewed by the department include Revised Guidelines for Appointment to Board and Top Management Positions was forwarded to EXCO for approval; Draft Framework for the Establishment of Additional Benefits Scheme was forwarded to Exco for approval; and Draft Guidelines on the Operations of Branch Offices and Service Centres by Licensed Pension Fund Administrators was forwarded to Exco for approval.”
