PENSION FUND REGISTRATIONS CASE
FSB cancellation probe ‘inadequate’
Alleged irregularities surrounding the Financial Services Board’s (FSB) cancellations of thousands of fund registrations deserved a "better and bigger" investigation because previous FSB investigations were not well resourced, the High Court in Pretoria heard on Thursday. The regulator also had a duty to correct its mistakes. Chris Loxton, SC, counsel for former deputy pension funds registrar Rosemary Hunter, told the court in closing arguments there should be a "better or bigger" investigation because the FSB had recognised where there was any suspicion beneficiaries of the funds had suffered any harm from the cancellations, it had a duty to investigate and undo cancellations. "A better or bigger investigation [is] never to be done by a one-man band," said Loxton. "If there are two main questions – should the FSB be required to appoint an investigator to investigate the cancellations project, there is a case on the papers that they should be ordered to do so. "Do they have a duty, ...
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