Today's Labour News

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fsbSunday Times reports that retirement fund administrators were warned by the Financial Services Board (FSB) that they would be in breach of new regulations if they hosted pension fund trustees at the annual Cape Town International Jazz festival this past weekend.  

Trustees have for years been wined and dined at the festival by fund administrators, such as Momentum, Sanlam and others.  FSB pension funds registrar Dube Tshidi issued a directive on 8 March restricting the giving or receiving of gifts and capped the value of gifts from asset managers for principal officers, board members or trustees of funds at R500 a year.  The directive was aimed at cracking down on corruption in the industry.  Apparently, companies had previously spent close to R10m during the festival on travel, accommodation and entertainment.  Deputy registrar of pension funds, Olano Makhubela said the directive had “not necessarily” been initiated by information relating to the jazz festival.  Momentum said it had retrected any invitations sent to trustees after receiving the notification from the FSB.  Old Mutual said it had not invited any officers of retirement funds.  Sanlam said that by the time the FSB notice arrived, it had already issued invitations and then told invites that they were “able to attend at their own discretion.”

  • Read this report by Thanduxolo Jika in full on page 1 of Sunday Times of 25 March 2018

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