FSCA says focus on private security sector contingency fund

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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), although it did not return its investigative reports to the public, in accordance with the Financial Sector Regulation Act “that the matter receives due attention”.

He indicated that the FSCA had carried out a supervisory on-site inspection of the PSSPF on November 29, 2017. Following the conclusions of the on-site supervisory inspection, the Fsca had submitted a request for the appointment of curators to take control of the company. of the PSSPF and, ultimately with the agreement of the PSSPF, appointed statutory managers to the board of directors of the fund on September 21, 2018, in application of the law on financial institutions (protection of funds).

Statutory directors have commissioned an independent forensic investigation into the PSSPF as part of their duties to investigate certain allegations, he said.

In addition to the on-site supervisory inspection of the PSSPF, the FSCA had investigated the affairs of the PSSPF and the appointment of SALT Employee Benefits as the service provider to the fund. As a result of the findings from these interventions, the FSCA initiated regulatory action against various parties.

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


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