Share

Retirement fund fined

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.

 
We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
19.07
-0.9%
Rand - Pound
24.07
-0.7%
Rand - Euro
20.56
-0.5%
Rand - Aus dollar
12.37
-0.2%
Rand - Yen
0.13
-0.8%
Platinum
899.20
+0.3%
Palladium
999.25
-0.3%
Gold
2,210.66
+0.7%
Silver
24.56
-0.4%
Brent Crude
86.09
-0.2%
Top 40
68,080
+0.6%
All Share
74,278
+0.5%
Resource 10
56,967
+2.4%
Industrial 25
103,572
+0.3%
Financial 15
16,456
-0.4%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders