FSCA sanctions trustees of Private Security Sector Provident Fund
The officials were found to have failed in their fiduciary duties due to actions including paying themselves to attend a golf day
08 August 2022 - 18:24
The Financial Sector Conduct Authority (FSCA) has imposed administrative penalties on several members of the board of trustees of Private Security Sector Provident Fund (PSSPF) for a string of suspect actions ranging from improper procurement practices to remunerating themselves for attending a golf day.
Sanctioned board members who continue to serve on the PSSPF or other funds have been asked to vacate their positions within 10 days of receiving their sanctioning letters from the FSCA, while those who have already left the board have been fined R10,000- R230,000 depending on their remuneration...
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