JOHANNESBURG - Pension fund fraud is on the rise countrywide, and the Financial Sector Conduct Authority says this is because fraudsters aren't punished severely enough.
In one case, maladministration was uncovered at the Municipal Employees Pension Fund due to a conflict of interest with Akani Retirement Fund Administrators.
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Employees believed their funds were growing, only to receive far less than anticipated when they retired.
Ndou Attorneys represents some of the pensioners affected, and its chairperson, Phumudzo Ndou, had a discussion with eNCA on this story.