The Minister of Finance has granted a final extension of the transitional arrangements governing how certain sectors are supervised under the Financial Sector Regulation Act (FSRA).
Notice No. 6883, published in Government Gazette No. 53729 of 28 November 2025, sets out new end-dates for the temporary delegation of regulatory powers relating to medical schemes, collective investment schemes, retirement funds, and friendly societies.
These transitional arrangements date back to the establishment of the Financial Sector Conduct Authority and the Prudential Authority in 2018, when the FSRA created the Twin Peaks regulatory framework. Because certain industries are operating under legacy legislation and institutional structures, sections 291 and 292 of the Act allow the Minister of Finance temporarily to delegate specific functions to existing sector regulators while long-term frameworks are developed.
Under section 291, the regulatory and supervisory functions that would ordinarily fall to the PA and the FSCA for medical schemes continue to be performed by the Council for Medical Schemes.
Under section 292, the PA’s prudential oversight functions for collective investment schemes, retirement funds, and friendly societies are delegated to the FSCA, although prudential supervision normally sits with the PA.
These delegations were originally intended to last only three years, with the Minister able to extend or reduce the period as needed.
The three-year window proved insufficient, and several extensions were granted. In October 2020, the Minister extended the periods until 31 March 20241. In early 2024, a further extension was granted for the transitional arrangements relating to medical schemes to 31 March 2027 and for collective investment schemes, retirement funds, and friendly societies until 31 March 2026.
The latest and final extension of the transitional arrangements is:
- Medical schemes: until 31 March 2029.
- Collective investment schemes, retirement funds, and friendly societies: until 31 March 2028.
The extension is aimed at facilitating an orderly and effective transition to and development of fit-for-purpose regulatory and supervisory frameworks for these sectors, the FSCA and the PA said in Joint Communication 5 of 2025, issued on 8 December.
“Collaborative work between the authorities is under way and will be communicated to [the] industry as the transitional arrangement plans evolve,” the regulators said.
