Cape Town - A penalty of R7 500 has been imposed on
Retirement Fund Solutions Holdings for contravening a section of the Pension
Funds Act, the Financial Service Board (FSB) said on Wednesday.
The registrar of Pension Funds referred a case against
Retirement Fund Solutions Holdings to the enforcement committee of the FSB, it
said.
The referral related to a contravention of section 13B(1) of
the act read with conditions 7.2 and 7.3 as determined in Board Notice 24 of
2002, in that during the period March 1 2009 to February 28 2010 it failed to
maintain sufficient current assets to meet its current liabilities, and also
failed to maintain liquid assets equal to or greater than 8/52 of its annual
expenditure.
Retirement Holdings admitted the contravention and agreed to
settle the matter.
"Consequently, the registrar agreed to a penalty of R7
500, which penalty was imposed by the enforcement committee on retirement holdings on 18 July 2011," it said.
The enforcement committee is an administrative body created in terms of the FSB Act. It may impose administrative penalties, compensation orders, and cost orders on respondents found to have contravened any law administered by the FSB.