The Financial Sector Conduct Authority said last week in response to various media reports on the Private Security Sector Provident Fund, that while it does not release its investigation reports to the public, in line with the Financial Sector Regulation Act ’that the matter is receiving due attention’. Photo: File
The Financial Sector Conduct Authority said last week in response to various media reports on the Private Security Sector Provident Fund, that while it does not release its investigation reports to the public, in line with the Financial Sector Regulation Act ’that the matter is receiving due attention’. Photo: File

FSCA says it is focusing on Private Security Sector Provident Fund

By BR Reporter Time of article published Sep 28, 2021

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THE FINANCIAL Sector Conduct Authority (FSCA) said last week in response to various media reports on the Private Security Sector Provident Fund (PSSPF), that while it does not release its investigation reports to the public, in line with the Financial Sector Regulation Act “that the matter is receiving due attention”.

It said the FSCA had conducted a supervisory on-site inspection of the PSSPF on November, 29, 2017. Following its findings from the supervisory on-site inspection, the Fsca had made an application for the appointment of curators to take control of the business of the PSSPF and, ultimately with the agreement of the PSSPF, appointed statutory managers to the board of the fund on September, 21, 2018, in terms of the Financial Institutions (Protection of Funds) Act.

The statutory managers commissioned an independent forensic investigation on the PSSPF as part of their duties to investigate certain allegations, it said.

In addition to the supervisory on-site inspection of the PSSPF, the FSCA had conducted an investigation into the affairs of the PSSPF and the appointment of SALT Employee Benefits as a service provider to the fund. Following the findings emanating from these interventions, the FSCA had commenced regulatory action against various parties.

“This regulatory action is an on-going and confidential process,” it said, adding that that the interests of the members of the PSSPF were protected at all times.

BUSINESS REPORT

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