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Fin24 reports that SA’s financial watchdog, the Financial Sector Conduct Authority (FSCA), has ordered that five members of the board of trustees of the Private Security Sector Provident Fund (PSSPF) be removed for improper conduct.
Five former and one current trustee were also fined up to R230,000, for, among other things, flouting procurement and tender policies between 2011 and 2017. The privately administered fund oversees retirement, funeral and death benefits for SA’s security guards. It has around 600,000 members and assets worth R10 billion. "Board members who continue to serve on the PSSPF have been asked to vacate their positions within 10 days of receiving their sanctioning letters from the authority," the FSCA indicated. The members in question are Cobus Bodenstein, Zithulise Mqadi, Marchel Coetzee, Anna Maoko and Jonnes Hlatswayo. Those members who have already left the board have been served with penalty fines ranging from R10,000 to R230,000. The current and former trustees who have been fined are Bodenstein, Zazi Zulu, Bonginkosi Qwabe, Simon Jackson, Hennie Myburg and Sipho Miya. The FSCA did not say what each been fined. All trustees found guilty of wrongdoing can appeal to the Financial Services Tribunal. The FSCA started probing the fund in 2017 following allegations of wrongdoing.
- Read the full original of the report in the above regard by Jan Cronje at Fin24
- Read too, FSCA sanctions trustees of Private Security Sector Provident Fund, at BusinessLive (subscriber access only)
Get other news reports at the SA Labour News home page