The Financial Services Board (FSB) has issued a defiant defence of its conduct in court papers, in the face of accusations levelled by its former head of pension funds, Rosemary Hunter, and an inconclusive KPMG report.In January, Hunter accused FSB CEO Dube Tshidi of “unlawful conduct” for trying to sabotage her probe into what happened to 4,500 SA pension funds holding assets with a possible value of R20bn.Two forensic reports into the FSB’s “cancellations project” — by KPMG and retired judge Kate O’Regan — have now been made public.When Hunter joined the FSB in 2013, she found that the FSB had deregistered more than 4,500 pension funds, which appeared to have either been dormant or have no assets. But when Hunter dug deeper, she found many of those funds did actually have assets — so their cancellation was “unlawful”.She halted the cancellations project — which earned the ire of Tshidi and others at the FSB.Last week, FSB chairman Abel Sithole fired back with a long explanation ab...
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