FSCA cancels 6,757 dormant retirement funds after 16-year slog
The regulator first initiated its cancellation project to deal with inactive retirement funds in 2007 and faced numerous legal battles along the way
The Financial Sector Conduct Authority (FSCA) has cancelled 6,757 inactive retirement funds that were found to have no members, assets or liabilities, with most also not having properly constituted boards in line with the Pension Funds Act.
The deregistration of the affected funds comes after a lengthy cancellations project first initiated by the regulator in 2007 but which was delayed after becoming the subject of litigation, allegations of corruption and three independent investigations. However, after all legal proceedings related to the matter ended up going in favour of the regulator, the FSCA was on March 28 finally able to release its findings on the deregistration of inactive retirement funds...
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