The National Pension Commission (PenCom) has cancelled its regulatory directive requiring Pension Fund Administrators (PFAs) to obtain prior approval before publishing their advertisements and marketing campaign materials.
The commission, in a circular signed by the Director of the Surveillance Department, A.M. Saleem, dated May 8, stated that the new directive became effective immediately and replaced Section 6.3.1 of the Guidelines for the Operations of PFAs, with a view to reducing bureaucratic delays and improving operational efficiency within the pension industry.
Specifically, Section 6.3.1 of the Guidelines for the Operations of Pension Fund Administrators (PFAs) required that PFAs must obtain prior written approval of the Commission before advertising, promoting or providing information on its products and services about its operations.
The commission in the latest circular maintained that although PFAs no longer require advance approval before publishing advertisements, they were still required to notify the Commission before deploying campaigns across broadcast, print, digital, or outdoor media platforms.
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The circular partly clarified: “In furtherance of the Commission’s commitment of promoting operational efficiency, reduce bureaucratic delays, and quicker dissemination of information by PFAs to their potential clients, the Commission deems it necessary to allow PFAs to henceforth release their advertisement and media campaign materials without the prior approval of the Commission.”
In addition, the circular outlined several conditions that operators must meet before releasing promotional materials, including the disclosure of the duration and timelines of advertisements, submission of copies of creative materials before publication, definition of target audience for each campaign, and provision of evidence of internal clearance from their Legal and Compliance departments.
The Commission also stated that pension products or services being promoted must already have PenCom’s approval before they can be advertised to the public.
While emphasizing that the removal of prior approval does not reduce regulatory oversight or compliance obligations for pension operators, the commission warned that all advertising materials must remain factual, verifiable, and compliant with the Nigeria Data Protection Act (NDPA) 2023 and the Pension Reform Act 2014.
It also prohibited the use of lotteries, prize draws, or inducements in pension advertisements, banned misleading claims, unaudited financial references, and deceptive fee disclosures; prohibited PFAs from using government symbols, public figures, or institutional assets without proper authorization; and required PFAs to register slogans, taglines, and promotional phrases with the national Trademarks Registry before deployment.
The commission added that PFAs would be fully responsible for all advertising content, including campaigns managed by third-party consultants, media agencies, or digital influencers.
