Liberty enhances governance of its Unclaimed Benefits Funds

Liberty Corporate is pleased to announce the appointment of Mr Douglas Maila and Mr Jerry Mnisi as independent trustees of the group’s Unclaimed Benefits Funds (the Funds). These highly respected individuals bring with them a wealth of industry experience and will enhance the corporate governance of the Funds.

Mr Maila is a well-known and esteemed former unionist who served as a member elected trustee of the Kimberly Clark Provident Fund for 15 years. He has been instrumental in highlighting the plight of retirement fund members and has played a role in educating communities on unclaimed and unpaid retirement fund benefits.

Proceed to Source : FANEWS

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Liberty in shock admission it erred in deregistering 130 funds

Liberty’s admission that 130 pension and provident funds must be reinstated years after industry-wide cancellations of thousands of dormant funds could bolster a case before the Constitutional Court.

Speaking at Liberty’s interim results for the six months to June on Thursday, CEO David Munro said it had erred in deregistering 130 funds with about R100m in assets when it cancelled around 4,600 dormant funds about a decade ago.

It had successfully reinstated 25 of these through a high court process and had recommenced payments. Liberty would look for ways to reinstate the remaining 105 funds more expeditiously, Munro said.

“There’s a lot of noise around this matter and we want to be clear that we take it very seriously. We are prepared to go back and look at our actions, and where we’ve made mistakes, to rectify them,” Munro said.

Proceed to Source : BusinessLive

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Liberty hack the ‘biggest breach yet’

Liberty Life is the latest SA firm to have its data breached and has potentially exposed the personal details of millions

Millions of South Africans woke up on Sunday not to the afterglow of another stunning come-from-behind victory by the revitalised Springboks but to the news that their personal data may have been hacked — again.

Liberty Life sent out text messages to its customers early on Sunday warning them that it had “been subjected to unauthorised access to its IT infrastructure, by an external party”.

That Liberty took two days to inform its customers of the breach suggests it doesn’t have a strong-enough focus on its IT systems — which might not have been secure enough, commentators say.

Proceed to Source : Business Live

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