FSCA investigates Akani Retirement Fund Administrators Pty Ltd

14 July 2022

The Financial Sector Conduct Authority (FSCA) has conducted a search and seizure operation at the premises of Akani Retirement Fund Administrators Pty Ltd (Akani), in terms of the Financial Sector Regulation Act of 2017 (FSR Act). The purpose of the operation was to gather facts and information to assist the Authority in its current investigation into the entity, after the FSCA received complaints which contained sufficient information to create a reasonable suspicion that financial sector laws may have been contravened by Akani. The order was granted by the Deputy Judge President of the High Court (Gauteng Division, Pretoria).

FSCA Commissioner Unathi Kamlana said: “The overriding objective of the FSCA is to protect financial customers, which include members of retirement funds, who demographically represent all the members of our society. This operation is in keeping with that duty and is in the interest of clean administration in the retirement funds sector.”

In terms of the statutory provisions of section 251 of the FSR Act, the FSCA is not at liberty to disclose any details of the investigation. This information will be shared once the outcomes are carefully considered, and due process is followed with regard to any subsequent decisions or actions, as required by the relevant laws.

Issued by Financial Sector Conduct Authority, 18 July 2022