Ina Opperman

By Ina Opperman

Business Journalist


FSCA fines 2 pension fund bosses R30 million each, debars them for 30 years

N-e-FG allegedly lost R470 million of pension fund members’ funds after not investing the money according to clients’ mandates, the FSCA says.


The Financial Sector Conduct Authority (FSCA) has fined two executives from a Vanderbijlpark pension fund administrator, N-e-FG, R30 million each and debarred them for 30 years.

Another executive was fined R8 million and was debarred for 20 years and another was debarred for 10 years.

The FSCA, says after an extensive investigation and sanctions process it decided to impose an administrative penalty of R30 million each on the funder of N-e-FG, Corne Jansen van Rensburg (54) and the managing director, Erick du Preez (45) and debar them for 30 years.

In addition, the FSCA imposed an administrative penalty of R8 million on Steyn Jansen van Rensburg (51), debarred him for 20 years, and debarred Elia Jansen van Rensburg (75) for 10 years.

The hefty fines and debarments came after the FSCA investigated Phahamisa Administrators (previously N-e-FG Administrators), N-e-FG Fund Management, The Wealth Strategist and the key executives.

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Members’ money not invested according to mandates

The FSCA says in a statement that the findings of its investigation include that clients’ funds were invested without the requisite mandate and in entities not regulated by the FSCA. In addition, the FSCA found that some of the key executives had an interest in the entities where they invested clients’ funds.

The authority says the investigated parties contravened provisions of the Financial Sector Regulation Act, Financial Advisory and Intermediaries Services Act, the General Code of Conduct for Authorised Financial Services Providers and Representatives, Financial Institutions (Protection of Funds) Act and the Determination of Fit and Proper Requirements for Financial Services Providers.

The FSCA says before taking this action, it handed its investigation report over to the National Prosecution Authority and is aware that some of the complainants also opened criminal cases. The FSCA will actively assist the NPA if requested.

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R470 million in client funds missing – statutory manager

According to a statement from the FSCA issued in February last year, the statutory manager appointed by the FSCA found that R470 million of clients’ funds were missing from N-e-FG, which invested pension funds.

Jansen van Rensburg founded N-e-FG, which stands for New-e-conomy Financial Group, in 1999. N-e-FG sold itself to investors as a transparent firm with “responsible reporting’ and said it takes full responsibility for its investment decisions.

N-e-FG went into business rescue by the end of 2021 and shortly after the FSCA withdrew its licence to operate as a financial services provider before appointing the statutory manager in May 2022 to oversee how N-e-FG managed pension funds because it failed to responsibly manage the funds under its administration.

According to the report of the statutory manager, Krishen Sukdev, the company did not stick to the investment mandates signed with clients and put the funds into high-risk stocks, while the executives “continuously misled” members about the value and whereabouts of their investments.

N-e-FG mainly dealt with pension funds for miners and employees in the security industry.

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