Delays by the Financial Sector Conduct Authority (FSCA) to enforce the new regulation regime of Treating Customers Fairly (TFC) is the main reason why Pension Funds Adjudicator Muvhango Lukhaimane is not able to take action against the penalties applied by life assurance companies to contractual retirement annuity funds.
It is something the adjudicator's office has been concerned about for many years, going back to Vuyani Ngalwana, who raised the penalties in 2004. He ruled against them but life assurance companies took him to the Supreme Court and had his rulings reversed, basically on the back of technical arguments and past secrecy.
