Diversity Financial
The “Default Regulation” implemented in August of 2017 requires that members be given access to Retirement Benefits Counselling (RBC) before any withdrawal benefit is paid to them.
Diversity Financial’s Retirement Benefits Counselling meets this need with the holistic services Trustees require. It is important to note that Diversity Financial does not hold a FAIS licence therefore, we can guarantee the absence of a conflict of interest when conducting our business’s core functions.
Main Objective
To provide better information for better outcomes
Conflict of Interest
The provision of Retirement Benefits Counselling should be structured in a manner that conflict of interest is not just “properly managed” but is entirely absent from the process. Diversity Financial is not a Financial Services Provider and does not hold a FAIS licence.
Furthermore, we are not licensed to provide advice therefore conflict of interest is entirely absent from the process as per Section 4.4 (b) of the 2018 PFA Guidance Notice requirement.
Two Pot Preservation System
Diversity Financial has kept abreast with the amendments to the Default Regulation, and we are currently counselling retirement fund members on the conditions applicable to their Savings, Vested and Retirement components.
Three Pillars of Retirement Benefits Counselling
Purpose
Improve outcomes for members by ensuring they get good value for their savings and that they make informed decisions.
Information
Comprehensive explanation in a members preferred language to ensure full comprehension of factors such as risks, cost and charges of investments, annuities, preservation and termination options. All while ensuring 100% transparency.
Methodology
Counselling is not financial advice; it communicates factual information only. Conflicts of interest are to be managed. A record of the counselling is retained and the process must be auditable.