The commissioner of capital markets, insurance and savings announced new regulations on November 30th, creating greater uniformity and transparency among the key products available in the pension and long-term savings market. Provident funds and the popular life-insurance programmes known as "executive insurance", both of which now serve primarily as alternative pension schemes, will move to a dual-fee structure, in which they will be allowed to charge a management fee of up to 1.2% per annum (down from 2% currently) and an initial 5% fee on new deposits. Pension funds will retain their existing structure of a 0.5% annual management fee and 6% new deposit fee.

Furthermore, the anomaly whereby pension funds and insurance schemes could offer savers insurance products, such as life and loss-of-income insurance, whereas provident funds could not, has been abolished. These moves are aimed at creating a level playing field between the different products, enabling investment advisers in the commercial banks to provide more objective advice to savers and facilitating comparisons between products on the part of consumers.