This document is a response to stakeholder comments on amendments to PFRDA (Retirement Adviser) Regulations, 2016.
**Certification Requirement:** A stakeholder suggested replacing "Certification on Retirement Advisory Services and financial planning or fund, or asset or portfolio management" with "Certification on Retirement Advisory Services and fund, or asset or portfolio management." The response indicates that the request has been accepted, however, there is no change in the certification requirements. The proposal of an additional certification requirement has been withdrawn.
**Maintenance of Records:** A stakeholder commented on the difficulty of keeping physical records in a digital world, suggesting a provision in the RAs login for document uploading and online storage. The response clarifies that records may be maintained in physical or electronic format and suggests the RA maintain the required data at their end rather than at CRA.
Key Entities Referenced
PFRDA (Retirement Adviser) Regulations: Regulations governing Retirement Advisers, subject to amendments discussed in the document.
Retirement Adviser: Entity regulated by the PFRDA (Retirement Adviser) Regulations. They must meet certification requirements and maintain records.
Authority: Refers to the PFRDA or other regulatory body overseeing Retirement Advisers, empowered to determine acceptable certifying institutions and require records.
Certification requirement: Requirement for Retirement Advisers to be certified, including the debate around acceptable certification providers.
National Institute of Securities Market: One potential certifying body for Retirement Advisers.
Response to Stakeholder’s comments on amendments to PFRDA (Retirement
Adviser) Regulations, 2016
S Subject Matter Stakeholder / Public Comments Response
No.
1 Certification requirement Please consider the certification Accepted.
Certification on retirement advisory requirement as “Certification on
services, and also financial planning, There is no change in
Retirement Advisory Services and
or fund, or asset or portfolio the certification
fund, or asset or portfolio
management, from - requirements. The
management…” instead of
proposal of additional
(a) National Institute of Securities “Certification on Retirement Advisory
certification requirement
Market; or
Services and financial planning or has been withdrawn.
(b) any other organization or institution fund, or asset or portfolio
as may be determined by the Authority; management…”
2 Maintenance of Records- Keeping physical records in a world Clarification:
of moving towards digital is very Records may be
A Retirement Adviser shall maintain
the records either in physical or difficult since all documents are maintained in physical or
received online from customers, a
electronic format in such manner that it electronic format. It is
provision in the RAs login may be
can be retrieved whenever required by suggested that the RA
given so that all documents are
the Authority or any other person shall maintain the
uploaded and kept online so that it will
authorised by the Authority. requisite data at his end
be available in accuracy and for
rather than at CRA.
longer duration and available for
inspection by the authorities.