SA’s top financial services watchdog says it is working with the Treasury to drive more consolidation among retirement funds because there are too many of them to achieve lower costs.

The Financial Sector Conduct Authority (FSCA) said there are just under 1,500 active funds in the country and even though this is much lower than the 13,000 that existed 10 years ago, the regulator said this was still “too much” to achieve the economies of scale they need to reduce administration costs...

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