ROSEMARY HUNTER: There are two sides to the pension cancellation story
Were it not for my litigation, it is likely there would have been no further investigations and the KPMG report buried
The article by the National Treasury’s Ismail Momoniat (Hunter judgment an end to painful chapter in retirement fund industry, September 29), contains numerous statements that are either false or misleading. First, he claims the Financial Services Board (FSB) promptly agreed to my July 2014 request for formal investigations into the cancellations project. But justice Kate O’Regan was appointed and began her investigation only three months later, completing it in December 2014. On her recommendation, KPMG was appointed to investigate a sample of the cancellations. That investigation ended in July 2015 and KPMG reported that assets of the sample of about 500 funds, with an aggregate value of some R2.5bn, had not been accounted for in FSB records before their registrations were cancelled. It recommended a review of records held by the cancelled funds’ former administrators. Instead of immediately mandating either KPMG or anyone else to conduct this review, the FSB board spent several m...
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