PENSIONS COURT BATTLE
ISMAIL MOMONIAT: Hunter judgment an end to painful chapter in retirement fund industry
The ruling is an opportunity for all stakeholders to rebuild trust and restore confidence in the people we serve
Treasury welcomes the judgment by the Constitutional Court dismissing the appeal by Rosemary Hunter seeking to procure yet another investigation into the cancellations project implemented by the former Financial Service Board (FSB) between 2007 and 2013. Whatever the relief sought in this case, it was never going to fundamentally transform the retirement fund industry to better serve the interests of its members (of whom there are about 11-million) rather than that of industry. The time-consuming process detracted and diverted the FSB from its primary responsibility of regulating the financial sector more effectively and intensively, to ensure that the retirement industry acts at all times in the best interests of the members of such funds.
Retirement savings (together with owning their house) are among the most important assets for the majority of working and contributing South Africans. A well-functioning and low-cost retirement saving system is crucial to reducing the vulne...
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