Metropolitan fined R100m over fund’s losses
CAPE TOWN – The financial Financial Sector Conduct Authority (FSCA) has imposed an administrative penalty of R100million on Metropolitan Collective Investments (MetCI) for contravening various sections of the financial sector laws.
According to a statement by the regulator yesterday, the FSCA conducted an investigation into MetCI, subsequent to one of its unit trust funds, the Third Circle MET Target Return Fund, losing about 66percent of its value between December 8 and 11 in 2015.
The FSCA found that MetCI did not have proper risk management processes in place to manage and exercise proper control, oversight and governance over the fund.
Source: iol.co.za
