Clock ticking for trustees to meet tight compliance

By Isaac OGANGA

The legal notice no 103 of 21st July 2023 with a one-year transition period that ends on the 21 July 2024 which requires Corporate Trustees to register with the Retirement Benefits Authority is set to end in a month.

The Retirement Benefits Authority Chief Executive Officer Charles Machira says as part of its transformative agenda, the authority has set new regulations for corporate trustees to ensure they offer more professional services to members while safeguarding their interests.

Machira, who was awarding Kingsland Court, a Corporate Trustee registration certificate this morning, expounded how the regulator’s journey has been from the beginning of adoption of trust law in Kenya, explaining that individual trustees of the scheme had grown to 15 where nine were defined benefit schemes and eight defined contribution schemes.

“Good governance guidelines and treating customers fairly are some of the measures we’ve put in place to improve industry relations with members who are paramount to enhance industry confidence and growth”, Machira added.

Kingsland Court Managing Director Simon Nyakundi said governance and risk management of members savings were the key focus of the regulator’s risk-based supervision, underlining the importance of ensuring transparency and accountability in the operation of retirement benefits schemes.

“We’ve placed all aspects of governance, risk, and compliance management at the very core of our services. As a result, we’ve developed detailed and fully documented programmes designed to maintain scheme governance at the optimum level as well as achieving the optimum risk grading from the Authority”, Nyakundi explained.

Nyakundi said his firm receiving prestigious award of being the first Corporate Trustee registered under the RBA in compliance with Legal Notice No 103of 21st July 2023 was quite remarkable achievement which solidifies the scheme’s position as trailblazers in the industry while underscoring its commitment to excellence in serving clients’ retirement needs.

“At Kingsland Court, we have always believed in setting the highest standards for ourselves, and this certification is a testament to our dedication to upholding the utmost integrity and professionalism in all facets of our operations.

As the inaugural recipient of this esteemed certificate, we are proud to lead the charge in reshaping the landscape of retirement benefits management”, Nyakundi argued.