By Victor Ahiuma-Young
The National Pension Commission (PenCom) has introduced stricter advertising rules for Pension Fund Administrators, PFAs, warning operators against false claims, misleading promotions, and deceptive marketing practices in the pension industry.
Under a new circular issued by the Commission through its Director, Surveillance Department, A. M. Saleem, PFAs will no longer be required to obtain prior approval before releasing advertisement and media campaign materials.
In a new directive that takes immediate effect, the Commission stressed that all promotional contents must comply with strict standards of accuracy, truthfulness, and regulatory compliance.
PenCom explained that the move was aimed at improving operational efficiency, reducing bureaucratic delays, and enabling PFAs to disseminate information to potential clients more quickly.
Despite relaxing the approval process, the Commission warned that advertisements containing exaggerated claims, unverifiable data, unauthorised endorsements, or misleading disclosures would attract sanctions.
The regulator specifically prohibited inducement-based promotions such as lotteries, prize draws, and other chance-based incentives designed to lure pension contributors or retirees.
According to the circular, all advertising materials must be factual, verifiable, and free from offensive, discriminatory, or manipulative content.
PFAs are also required to ensure that all campaigns comply with the Pension Reform Act...
By Victor Ahiuma-Young The National Pension Commission (PenCom) has introduced stricter advertising rules for Pension Fund Administrators, PFAs, warning operators against false claims, misleading ...