Director Supervision & Compliance

DIRECTORATE OF SUPERVISON AND COMPLIANCE 

  1. Overall Purpose

Responsible to the Chief Executive Officer for providing technical leadership and strategic direction in the design, operation and evaluation of Retirement Benefits Schemes through proactive surveillance and supervision programmes to secure compliance of all stakeholders (trustees, fund managers, custodians, actuaries, administrators, beneficiaries e.t.c.). Also responsible for establishing and enforcing measures to strengthen internal control  and auditing standards as well as actuarial evaluations that enhance the transparency and relevancy of financial reporting in order to ensure accountability of retirement benefit funds. Other duties include developing and implementing strategies for detecting instances of non-compliance with retirement benefits rules, regulations and guidelines as well as helping stakeholders to maintain an environment that emphasizes high ethical standards and minimizes the potential for violations of pension funds in order to protect the security of retirement benefit funds and enhance the integrity of the pension industry.

 

  1. Core Duties & Responsibilities

 

Core Duties and Responsibilities

  1. Provide technical leadership and strategic direction to staff and key stakeholders in the design, implementation and evaluation of effective programmes aimed at securing compliance of retirement benefits schemes in accordance with the requirements of the Retirement Benefits Act.
  2. Oversee the effectiveness of the electronic workflow process including document scanning and indexing, accurate data and information capture, analysis and evaluation in order to ensure effective case management as well as effective information storage and retrieval (registry) system.
  3. Coordinate the review of applications for registration and licensing of all stakeholders of retirement benefits schemes (trustees, fund managers, custodians, actuaries, administrators etc) in accordance with the prescribed URBRA requirements.
  4. Coordinate the review and evaluation of all trust deeds, deeds of appointment of trustees including contracts between trustees and approved service providers to ensure compliance with the prescribed URBRA requirements.
  5. Develop, implement and evaluate policy guidelines and best practices including a risk-based model for routine supervision of retirement benefits schemes with a strong focus on selected pension funds and the specific areas of their operations considered to be the most risky.
  6. Coordinate strategies for effective surveillance of retirement benefits schemes including the solvency of trustees, fund managers, custodians, actuaries and fund administrators in order to protect the integrity of pension funds.
  7. Develop, implement and evaluate policy guidelines and the best practices for the prudent investment of pension funds in order to secure market rates of return and to maintain the security of the capital funds.
  8. Develop and implement guidelines that will strengthen the internal control systems of retirement benefits schemes and ensure that disclosures regarding pension funds (income, expenditure, assets, liabilities etc) including actuarial evaluations meet legal requirements and quality standards in order to prevent fraudulent activities and abuse of pension funds.
  9. Coordinate the review, approval and regulation of pension scheme conversions, mergers and acquisitions and all forms of combinations including transfer of scheme assets and winding-up of schemes that may generally impact the smooth operations of registered retirement benefits schemes.
  10. Develop, implement and evaluate an effective complaints and resolution system that facilitates in-depth analysis and investigations in order to determine their root causes in a timely and professional manner and also ensure customer satisfaction.
  11. Representing the Authority as the Managing Trustee of the Policy Holders Compensation Fund as well as attending Annual General Meetings of Retirement Benefits Schemes.
  12. Review incidents of non-compliance with URBRA obligations, such as fraudulent pension scheme activities, failures to remit statutory contributions and recommend administrative and legal sanctions including the appointment of interim administrators and deregistration of pension schemes.
  13. Participate in the formulation of cross-border, regional and international retirement benefits initiatives aimed at developing appropriate interventions to meet the needs of investors, stakeholders and the general public.
  14. Develop and implement effective standards of corporate governance and ethical business conduct to promote acceptable practices in the management of retirement benefits schemes.