Regulator finally stands up for those hit by cancelled pensions
Some of the largest administrators in SA have been instructed to reinstate certain funds, 10 years after errors were brought to light
Between 2007 and 2013 more than 6,000 pension funds in SA were cancelled in a process littered with errors and oversights. Open Secrets has now written to five of the country’s largest pension fund administrators to demand swift action to reinstate those that have been incorrectly cancelled. This is the first of many necessary steps to ensure accountability for a shameful decade in pension fund administration that has harmed many vulnerable people. The regulatory body that is meant to protect South Africans from unscrupulous financial service providers is the Financial Sector Conduct Authority (FSCA), SA’s new market conduct regulator. On March 4 the FSCA took an important first step in ensuring that thousands of pensioners and their dependants will be paid what is owed to them. While it comes 10 years after errors were first identified, the FSCA has now issued directives in the form of a circular to all pension fund administrators (companies such as Liberty and Alexander Forbes) in...
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