Pepcor Retirement Fund and Another v Financial Services Board and Another (198/2002) [2003] ZASCA 56; [2003] 3 All SA 21 (SCA); 2003 (6) SA 38 (SCA) (30 May 2003)

Pepcor Retirement Fund and Another v Financial Services Board and Another (198/2002) [2003] ZASCA 56; [2003] 3 All SA 21 (SCA); 2003 (6) SA 38 (SCA) (30 May 2003)

The Supreme Court of Appeal held that both the Registrar of Pension Funds and the Financial Services Board have locus standi to seek judicial review of certificates and transfers issued under section 14(1) of the Pension Funds Act, as their functions are performed in the public interest and are subject to statutory oversight. The Registrar is specifically empowered to compel compliance with the Act and to seek repayment of unlawfully transferred funds, while the Financial Services Board may supervise and seek review but cannot itself recover such funds. The court further recognised that a material mistake of fact, even if due to the functionary's own negligence and not induced by fraud,...

Citation
[2003] ZASCA 56
Parties
Appellant: Pepcor Retirement Fund; Appellant: Pepkor Limited; Respondent: Financial Services Board; Respondent: Registrar of Pension Funds
Court
Supreme Court of Appeal
Jurisdiction
South Africa
Judgment Date
30 May 2003
Case Number
198/2002
Procedural Posture
Civil Appeal / Appeal From Western Cape High Court Judgment
Outcome
Appeal against the order for repayment at the suit of the Financial Services Board is upheld; appeal otherwise dismissed.
Judges
Vivier, Marais, Navsa, Cloete, Lewis
Legal Topics
Locus Standi, Material Mistake of Fact, Review of Administrative Action, Pension Fund Regulation, Condictio, Ultra Vires
Administrative Law Banking and Finance Civil Procedure Locus Standi Material Mistake of Fact Review of Administrative Action Pension Fund Regulation Condictio +1 more

Case Brief

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Parties

Pepcor Retirement Fund

Appellant

Pepkor Limited

Appellant

Financial Services Board

Respondent

Registrar of Pension Funds

Respondent

Procedural Posture

Civil Appeal / Appeal From Western Cape High Court Judgment

Legal Issues

  1. 1 Whether the Registrar of Pension Funds and the Financial Services Board had locus standi to seek judicial review of certificates and transfers issued under section 14(1) of the Pension Funds Act.
  2. 2 Whether a material mistake of fact constitutes a ground for review of an administrative decision under South African law.
  3. 3 Whether the Registrar was entitled to seek repayment of R9,223,118 transferred without proper authorisation.

Ratio Decidendi

The Supreme Court of Appeal held that both the Registrar of Pension Funds and the Financial Services Board have locus standi to seek judicial review of certificates and transfers issued under section 14(1) of the Pension Funds Act, as their functions are performed in the public interest and are subject to statutory oversight. The Registrar is specifically empowered to compel compliance with the Act and to seek repayment of unlawfully transferred funds, while the Financial Services Board may supervise and seek review but cannot itself recover such funds. The court further recognised that a material mistake of fact, even if due to the functionary's own negligence and not induced by fraud,...

Court Disposition

Appeal against the order for repayment at the suit of the Financial Services Board is upheld; appeal otherwise dismissed.

Orders

  • The appeal against the order granted at the suit of the Financial Services Board for repayment of R9,223,118 is upheld.
  • The appeal is otherwise dismissed.