The Fiji National Provident Fund (FNPF) now has a new chairman.

Permanent Secretary for Labour Taito Waqa was appointed by Interim Finance Minister Mahendra Chaudhry last week.

According to FNPF, Waqa replaced the Permanent Secretary of Finance Peceli Vocea, who has resigned from the FNPF board due to work commitments.

In appointing Waqa, Chaudhry reminded him of the important role that the board plays in the management of members' savings.

Chaudhry said that he has, in various meetings with the board, put the expectations the interim government has of members and senior management of FNPF, which is by far the largest financial institution in the country.

Chaudhry said as trustees, FNPF board members are not only expected but required to exercise the highest degree of fiduciary care in the management and investment of the funds placed in their care.