Cancelled Pensions Litigation

Our case for a People’s Regulator for the Financial Sector

Settlement AgreementOur Founding PapersUBC Supporting AffidavitFSCA Notice of Intention to OpposeFSCA Letter to CALSIn the news

In December 2021, Open Secrets and the Unpaid Benefits Campaign (UBC), represented by the Centre for Applied Legal Studies (CALS), brought an application in the Gauteng High Court against the Financial Sector Conduct Authority (FSCA). In the spirit of greater transparency and responsiveness to the plight of pensioners, the application asks the Court to remedy the unlawful cancellation of pension funds.

In August 2022, we signed a settlement agreement with the FSCA.

Settlement Agreement with the FSCA

Before we litigated against the FSCA, fund administrators had only reinstated 48 of the thousands of cancelled funds, and all done by one fund administrator, Liberty Life. This is 48 funds in the more than ten years since the Cancellations Project.

In the 7 months after Open Secrets and UBC launched the application against the FSCA, the FSCA did more than it had in the last 10 years. In this time, Liberty reinstated the remaining funds it had identified as needing to be reinstated. As a result, hundreds of beneficiaries can now access their benefits and we now know a little more about how/whether the FSCA has been exercising its powers in the public interest.

Recognising this in August 2022, we signed a settlement agreement with the FSCA.

Founding Papers

UBC Supporting Affidavit

FSCA Intention to Oppose

FSCA Letter to CALS