DStv Channel 403 Wednesday, 04 December 2024

FSCA eyes ‘steep’ two-pot withdrawal fees

JOHANNESBURG - The Financial Sector Conduct Authority is investigating fees charged for two-pot retirement withdrawals.

Its recent survey revealed the average fee for withdrawing R30,000 is over R350.

READ: Two-Pot system | SARS payout hits over R49 billion

But there's significant variation among providers.

Finance expert Maya Fischer-French says it's only fair that administrators charge a fee but they should look into using a sliding scale rather than opting for a flat rate.

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