Bophelo Benefit Services
The Registrar of Pension Funds has agreed with the respective financial institutions to appoint a Statutory Manager to Bophelo Benefit Services (BBS), a subsidiary of Mvunonala Holdings and to the Bophelo Beneficiary Fund (the Fund). In July 2016 the FSB conducted a routine on-site visit on BBS and has made certain findings in a preliminary report.
We have also noted media reports alleging maladministration of the Fund. The appointment of Mr Henry Msimang will assist in establishing the veracity of these allegations as well as with resolving the findings of the on-site visit, with the ultimate intention of protecting the clients and beneficiaries of the fund. He has the relevant experience, expertise and knowledge to deliver on this mandate. The FSB will within 30 days approach the court to confirm his appointment.
Whilst the FSB is constrained by the secrecy provisions of section 22 of the Financial Services Board Act, and is therefore unable to provide any details at this stage, we can confirm that we have already engaged with the relevant officials at the regulated entities. If any wrong-doing is found on any aspect that falls within the regulatory ambit of the FSB, appropriate action will be taken to ensure that clients and beneficiaries are protected.
Financial Services Board
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