SOUTH AFRICA - The Financial Services Board (FSB) has appointed its first black, female pension fund adjudicator.
Mamodupi Mohlala, a lawyer and councillor at the Independent Communications Authority of South Africa, is set to replace Vuyani Ngalawana on June 1, after Ngalawana left the position at the end of February.
Mohlala commented on the workload faced by the FSB: “Yes, the backlog is a challenge, but if we streamline and create specialists and work in streams, we can expedite the complaints.”
She added: “We will also work overtime plus the FSB have made resources available.”
In a separate development, the FSB has also implemented a system to regulate hedge fund managers.
Starting this month, the FSB will institute a third class of FSB license, compelling hedge fund managers to register with them.
Mohlala's appointnment comes after Marius du Toit was appointed last month as chief actuary at the FSB, taking over the post vacated by Mike Codron.
The FSB oversees the regulation of financial markets and institutions, including insurers, fund managers and broking operations but excluding banks, which fall under the South African Reserve Bank.
Royal London saw its new group pension business decline over the first half of 2018 as the rollout of auto-enrolment (AE) drew to a close, according to its interim results.
Now Pensions has made "huge progress" in resolving legacy administration issues - switching systems and completing unit adjustment for a "large proportion" of members, it says.
Trustees of the Airways Pension Scheme (APS) will not make a firm decision on whether to appeal the Court of Appeal's judgment on discretionary increase payments until September.
Accountant Hashmukh Shah has pleaded guilty to deliberately providing false information to The Pensions Regulator (TPR) when stating a pension scheme had been set up for staff of a London-based restaurant.