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By Observer Reporter | 2019-11-22
Financial Servicers Regulatory Authority (FSRA) long-serving Chief Executive Officer Sandile ‘Chief’ Dlamini is leaving the organisation next week Friday.
The Eswatini Observer has it in authority that the FSRA has already communicated to Dlamini that his contract will not be renewed because he has already attained the retirement age of 60.
It was gathered that whilst the retirement age within the organisation was recently reviewed to be 65, because he was working on a contract than being a permanent employee, the review came into effect when already he was on his current contract, hence he could not be covered by it.
Dlamini joined the FSRA in 2009 whilst it still operated under a narrow mandate of being the Registrar of Insurance and Retirement Funds (RIRF).
In 2010, government transformed the entity when it amended the RIRF Act 2005 Act to regulate everything that falls under the non-financial services to include regulating Savings and Credit Institutions, capital markets development and retirement and insurance funds.
Dlamini has overseen the development of the insurance industry, growth in fund managers and introduction of re-insurers.
Whilst at the helm of the FSRA through his regulatory functions, he has crossed paths with a number of institutions, including withdrawing licences for a number of companies that were no longer complying with the Act and put clients’ money at risk.
The high profile clash was between his office and that of the Public Service Pension Fund (PSPF) whom he demanded that an audit be undertaken to look into how they invested their members’ funds, something that was resolved by a political intervention of then Public Service Minister Owen Nxumalo.
The FRSA has today called a press conference, where it is expected that the retirement of the CEO would be addressed.
When Finance Minister Neal Rijkenberg was called last night on the latest developments, he could only confirm that the Board has already communicated with him with regards to the matter, but declined to reveal details of their communication.
“I would rather leave this matter to be addressed by the Board, I am not in position to divulge any details yet,” the minister said.
Efforts to get FSRA Chairman Stephen Simelane’s comment proved futile last night, as his MTN number was not available on the network.
FSRA outgoing CEO Sandile Chief Dlamini, when approached could only confirm that therewas a press briefing today and declined to confirm or deny the matter.
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