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R45 billion in pension savings have not been claimed - a new central fund may now be created
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Developments in the retirement funds sector
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More than 4 5m retirement fund members have R45bn in unclaimed benefits – FSCA
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Minister Tito Mboweni appoints Unathi Kamlana as Commissioner of the Financial Sector Conduct Authority
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The Minister of Finance, Mr Tito Mboweni, has in terms of section 61(1), read with section 63(1) of the Financial Sector Regulation Act No. 9 of 2017 (FSR Act), appointed Mr Unathi Kamlana as Commissioner of the Financial Sector Conduct Authority (FSCA).
Adjudicator slams pension fund for ignoring emails
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A pension fundâs reluctance to respond to the Pension Fund Adjudicator about a complaint, despite being approached to do so on no less than four occasions, has been referred to the Financial Sector Conduct Authority (FSCA).
The FSCA is responsible for market conduct regulation and supervision, ensuring a fair and stable financial market where consumers are informed and protected.
In this case, a woman lodged a complaint with the adjudicator that she had not been paid her divorce benefit by the Municipal Employees Pension Fund. In terms of her divorce settlement agreement, she was entitled to 50% of her ex-husbandâs pension interest (the amount he had accumulated in his pension fund).