A court bid to place the pensions of almost half a million private security workers under curatorship — once again — has been met with a fierce backlash from the fund itself. The Financial Sector Conduct Authority (FSCA) accused the Private Security Sector Provident Fund of paying its trustees "exorbitant" fees. In its court application the FSCA, formerly the Financial Services Board (FSB), said trustees’ fees had topped R25m a year, while total administration expenses had rocketed to R353.8m for the R6.23bn fund, equivalent to a staggering 5.6% of its total asset value. But the fund’s chairman Cobus Bodenstein argued that its fees were the direct consequence of the FSCA’s decision to take over management of the poorly run fund in 2009. The security industry is a massive employer in SA and the fund represents close to half a million security staff, of whom 263,655 are active members. Bodenstein has now accused the FSCA of going "behind our backs" in its court bid and ascribed the fe...

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