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By MEPF
High Court Rules Against FSCA in Municipal Employees Pension Fund Case
FOR IMMEDIATE RELEASE
10 Dec 2025
Important Legal Update: High Court Rules Against FSCA in Municipal Employees Pension Fund Case
Dear MEPF Members,
The High Court of South Africa (Gauteng Division, Johannesburg) has delivered a landmark judgment on 10 December 2025, setting aside two key regulatory decisions taken by the Financial Sector Conduct Authority (FSCA) against the Municipal Employees Pension Fund (MEPF) and its administrator, Akani Retirement Fund Administrators.
In its ruling, the Court found that the FSCA acted unlawfully and without sufficient justification when it sought to compel the Fund to submit unredacted municipal electoral returns and attempted to conduct a supervisory on-site inspection at the Fund’s upcoming General Meeting. Both actions were taken under sections 131 and 132 of the Financial Sector Regulation Act (FSR Act).
Key Findings of the Judgment
- The Court held that, although the FSCA has broad powers to regulate and supervise pension funds in South Africa, these powers must be exercised lawfully, rationally, and proportionately.
- The FSCA failed to prove that unredacted personal information was reasonably necessary to fulfil its supervisory role, especially since the Fund had already provided redacted returns.
- The regulator’s attempt to inspect the Fund’s General Meeting was found to be procedurally unfair, based on irrelevant or undisclosed allegations, and lacking the factual basis required by the FSR Act.
- Both FSCA decisions were reviewed and set aside, with the Court ordering the regulator to pay the Fund’s legal costs.
Issued by:
The Board of Trustees MEPF Communications
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The Fund is administered by Akani Retirement Fund Administrators (Pty) Ltd.
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