fsbBusinessLive reports that the High Court in Pretoria heard on Thursday that alleged irregularities surrounding the Financial Services Board’s (FSB’s) cancellations of thousands of fund registrations deserved a "better and bigger" investigation.  

This was because previous FSB investigations were not well resourced and the regulator had a duty to correct its mistakes.  Counsel for former deputy pension funds registrar Rosemary Hunter pointed out to the court that the FSB had recognised that where there was any suspicion that beneficiaries of the funds had suffered any harm from the cancellations, it had a duty to investigate and undo cancellations.  "A better or bigger investigation [is] never to be done by a one-man band," said Loxton referring to an earlier investigation.  Hunter is seeking an order for a court-appointed investigator to probe the FSB’s decision to cancel the registrations of 4,600 funds that did not have a board of trustees, assets, or liabilities (so-called ‘orphan’ funds).