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Sanlam Trust fined by FSB

Sep 16 2011 16:38 I-Net Bridge

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Johannesburg - Sanlam Trust Limited has been fined R36 585 by the Enforcement Committee of the Financial Services Board for failing in terms of the Pensions Act to maintain liquid assets equal to or greater than 8/52 of its annual expenditure during the year-ended 31 December 2010.

The case was referred to the Enforcement Committee by the Registrar of Pension Funds (Registrar) who took into account, among other things, that the officers of Sanlam Trust accepted responsibility for the contravention.

The Registrar also took into account the fact that they had fully co-operated with the Registrar's investigation and the enforcement action and that they had displayed remorse for the contravention.

Consequently, the Registrar agreed to a penalty of R36,585, which was imposed by the Enforcement Committee on Thursday.

The Enforcement Committee is an administrative body that came into operation on 1 November 2008, and was created in terms of section 10(3) of the Financial Services Board Act, 1990. The Enforcement Committee may impose administrative penalties, compensation orders and cost orders on respondents that are found to have contravened any law administered by the Financial Services Board.
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