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FSB 2015 Annual Report

In response to media speculation about possible reasons for the delay in the publication of its 2015 Annual Report, the Regulator published the following press release:

The Public Finance Management Act (PFMA) requires all public entities to submit their annual reports to parliament through the Finance Minister at the end of August every year. The FSB has been complying with this requirement since it published its first report in 1991.

The practice since then has always been for FSB executives to present the Annual Report (AR) to parliament’s Standing Committee on Finance (SCoF), before the report is published on the FSB website. This is a common practice for many public entities. The FSB had no reason to deviate from this 24 year old practice when preparing the 2014/15 AR. This report was tabled in parliament on the 28th of August 2015, in accordance with statutory requirements and within the specified timeframe. The FSB was scheduled to give its presentation to the SCoF on 22 September 2015, but this was cancelled and rescheduled for 14 October 2015. This date was also cancelled. Public entities can only present reports to the SCoF on invitation, this is how the committee works. Our executives have since been waiting for an invitation to present the report, in line with the committee’s practice.

The following information appears on page 71 of the 2014/15 AR:

The FSB has commissioned an investigation to establish whether any pension fund or its members had suffered financial prejudice as a result of action taken by the registrar to cancel the registration of dormant and other inactive pension funds during the period between 1 January 2007 and 31 December 2013 in terms of section 27 of the Pension Funds Act, as amended. The outcome of this investigation is expected in the 2015/16 financial year.

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