
FSCA eases section 14(1) rules for retail retirement fund transfers
The final Notice removes confusing references to section 14(8), but calls for a wholesale carve-out of retail-to-retail transfers were turned down.
The final Notice removes confusing references to section 14(8), but calls for a wholesale carve-out of retail-to-retail transfers were turned down.
In response to industry calls, the Authority has drafted an exemption from the section 14(1) process for retail retirement funds.
The Authority has withdrawn the temporary exemption for retirement fund transfers, signalling the full implementation of updated regulatory requirements.
The exemption will apply pending the finalisation of the consultation process on the draft amendments to Conduct Standard 1.
The draft amendments address the misalignment between the current prescribed section 14 application forms and the upcoming two-pot regulations.
Notifications