Sanlam Trust fined by FSB
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.