POA Seminar, Cape Town 4 August 2010

Transcription

1 POA Seminar, Cape Town 4 August 2010 Strengthening the DC Model for the Future Speaker from State Street, UK Moderated by Jan Koekemoer, PO of Cape Retirement Fund ALSO ON THE PROGRAMME Whose Fund is it Anyway? The new code of conflict (FSB) Professionalizing the Principal Officer DATE: 4 August 2010 TIME: 12:30 to 16:00 (Registration starts at 12:00) VENUE: PRICEWATERHOUSECOOPERS, 1 Waterhouse Place, Century City, Cape Town CLICK HERE FOR DIRECTIONS TO CENTURY CITY RSVP: Jabu Mngxekeza, (011) , info@poa.org.za FEES: POA members, free / Non-members R350 pp What we offer members i Peer networking i Special conference rates i Updates on industry developments i Knowledgeable speakers

2 PROGRAMME Registration and lunch from 12:00 to 12:30 12:30 to 12:35 Welcome Anne-Marie D Alton, CEO, Principal Officers Association 12:35 to 13:15 Professionalizing the Principal Officer Anne-Marie D Alton, CEO, Principal Officers Association WHOSE FUND IS IT ANYWAY? The power of your decisions comes from putting the best interests of fund members first. 13:20 to 14:05 When making investment decisions about your fund, you should be asking: Is this in the best interests of members? As a trustee, you should be keeping your members top of mind. Martin Poole, Consultant, acsis 14:05 to 14:30 Tea Break STRENGTHENING THE DC MODEL FOR THE FUTURE Our international sponsor tells us more DC assets now outpace their DB counterparts globally, so DC models are being examined more closely than ever before. This heightened scrutiny will continue to increase. 14:30 to 15:15 Some believe that active engagement by the employer is necessary to make DC plans work and, as a result, many plan sponsors are embracing a more paternalistic role. How will this work, given the fact that DC is a voluntary system? Presenter from State Street, UK Moderator: Jan Koekemoer, PO of Cape Retirement Fund THE NEW FSB CODE OF CONFLICT 15:20 to 16:05 The FSB General Code will now deal with conflicts of interest. Although the legislation has been expected, it will have a long-lasting effect in the distribution departments of the different financial

3 institutions. Find out about the measures that will be put in place to: Regulate the manner in which financial service providers remunerate and incentivize their brokers; Limit what financial services providers may receive or offer; Require financial services providers to disclose conflicting situations to clients. Charles Barwise, Consultant, Momentum Wendy Hattingh, HOD: FAIS Supervision, FSB 16:05 Closure MORE ABOUT THE CONTENT AND SPEAKERS

4 Martin Poole Consultant, acsis Martin joined acsis in April He initially assisted their Strategic Partners with technical systems and model support. Prior to this, he consulted to Telkom SA on demand forecasting and modelling systems. Since early 2008 Martin has been providing asset consulting services to the business partners and institutional clients of acsis. He holds a Masters degree in Physics from Rhodes University and is a Certified Financial Planner. He was awarded his CFA charter in early Strengthening the DC Model for the Future Speaker from State Street, UK With the growth of defined contribution (DC) assets now outpacing that of defined benefit (DB) assets globally, DC models are being examined more closely than ever before. This heightened scrutiny will continue to increase as even more people come to rely on DC plans for retirement savings, including those in public sector jobs, which have traditionally been DB-oriented. As the world moves away from guaranteeing people a specific level of retirement income, it will be increasingly up to individuals to manage the risks associated with investing for retirement. This is a responsibility for which many are ill prepared. The recent financial crisis, which has had a significant negative effect on the value of private pension plans around the world, has further raised concerns. Those nearing or just entering retirement, in particular, are seeing their ability to maintain their quality of life in retirement threatened. Yet many employers recognise that even if they switch to DC, it is just the first step. There is an increasing realisation that shifting retirement choice and risk onto individuals does not make pension risk disappear. Instead, active engagement by the employer is needed to make these plans work for participants, and many plan sponsors are embracing a more paternalistic role. Since DC is fundamentally a voluntary system, the focus needs to be on maximising coverage. Jan Koekemoer Mediator: Strengthening the DC Model for the Future

5 Jan is the Principal Officer of the Cape Retirement Fund. Before his appointment as Principal Officer, he served as a trustee of the fund for a term of seven years. Jan is also an Advocate of the High Court of South Africa and holds the following qualifications: B Iur (et Comm), LLB and LLM. Jan is a member of both the Principal Officers Association and the Pension Lawyers Association. He also chairs the Municipal Retirement Organisation, a body which represents all retirement funds operating in the municipal government sphere. Last year Jan made a study of the realities of a DC fund for presentation to his Board at their annual trustee training session.

6 Charles Barwise Consultant: Momentum Charles Barwise is an attorney who joined Absa Brokers as a Legal Consultant after which he moved to Product Development. He then started the Compliance Department, from where he became the Manager of Financial Planning and Compliance. In November 2001 he started the Data Brokers Department. In 2008 Charles was requested to head up the Adviser Channel at Absa Insurance and Financial Services, and in January 2010 he joined Momentum as a consultant. Charles has an Advanced Diploma in Tax and an MBL amongst his qualifications. He enjoys the outdoors and has excelled in the Argus Cycle Challenge and the Two Oceans Marathon. The FSB Code of Conflict The FSB General Code has now been amended to deal with conflicts of interest with the publication of the new rules on 19 April The purpose of the Code of Conflict is to: ensure common understanding of what has to be disclosed ensure consistent and transparent disclosure in the industry restore the credibility and integrity of the industry. The Code of Conflict aims to reduce the number of conflicting situations that arise by introducing new measures. For example, financial services providers will be limited in terms of what they may receive or offer. How they remunerate and incentivize their representatives will also come under scrutiny. And they will have to disclose the measures they have taken to avoid or mitigate conflicts of interest. Three Phases The new legislation will come into effect in three phases. The phases commence on 19 July 2010, 19 October 2010 and 19 April Click here for the registration form and join us for an educational value-add experience