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Committee makes progress towards reviewing act

The technical advisory committee (TAC) on chapter 5 of the Financial Institutions and Markets Act has made progress towards reviewing of the legislation on preservation of retirement benefits.

The TAC comprises a distinguished group of industry professionals and labour representatives and has successfully finalised its terms of reference (TOR) and charter.

According to a statement issued by TAC chairperson Manfred Zamuee, these documents will be the guiding frameworks, providing direction and outlining the committee’s activities throughout its tenure.

The committee will focus on examining and assessing the provisions outlined in chapter 5 of the Financial Institution and Market Act, especially regulation RF.R.5.10 that deals with mandatory preservation.

“It aims to identify areas of improvement, address potential challenges, and recommend appropriate amendments or enhancements to ensure the act remains up-to-date and aligned with the evolving financial landscape,” said the statement.

The establishment of this committee underscores the government’s commitment to fostering transparency, accountability, and innovation within the financial sector, said Zamuee.

He said by leveraging the expertise and insights of its members, the committee will be pivotal in shaping the regulatory framework governing financial institutions and markets, fostering stability, and promoting sustainable growth.

Zamue said over the coming months, the TAC will engage in a comprehensive review process, conducting research, consulting key stakeholders including industry representatives, regulatory bodies, and the public.

“This inclusive approach will enable a holistic understanding of the challenges and opportunities faced by financial institutions and markets, allowing for the formulation of well-informed recommendations,” he said.

The chairperson said the TAC will continue providing updates on its activities and milestones achieved throughout its tenure.