FINANCIAL SERVICES: FSCA wraps up three-year investigation into Private Security Sector Provident Fund — and takes action

from workers in the private security sector about the Private Security Sector Provident Fund , the Financial Services Conduct Authority has finally wrapped up an investigation that dates back to 2017.Following a supervisory on-site inspection of the fund in November 2017, the FSCA initially wanted to place the fund under curatorship, but, in September 2018, with the agreement of the trustees, appointed statutory managers to the board instead.

Agreements in respect of the appointment of service providers were inconsistent with service providers’ tender proposals. Service provider agreements that have been called into question include those with Salt Employee Benefits, Bophelo LifeFailed to take all reasonable steps to ensure that the interests of members, as per the Pension Funds Act , were always protected.

The FSCA said it considered the above transgressions and improper conduct serious enough to warrant appropriate regulatory action, including administrative penalties and the removal of board members. Further, the FSCA objected to the appointment of the principal officer. The FSCA objected to the continued appointment of principal officer Peter Zibi, on the grounds that he was not fit and proper. However, Zibi told Business Maverick he will be filing his response to the tribunal in the week ahead. “Funds are not managed by the principal officer but by the trustees. If you have a company, the company secretary does not manage the funds, it is the directors who are responsible and in the case of the fund, the trustees,” he said.

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