FSCA eyes ‘steep’ two-pot withdrawal fees

JOHANNESBURG – The Financial Sector Conduct Authority is investigating fees charged for two-pot retirement withdrawals.
Its recent survey revealed the average fee for withdrawing R30,000 is over R350.
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But there’s significant variation among providers.
Finance expert Maya Fischer-French says it’s only fair that administrators charge a fee but they should look into using a sliding scale rather than opting for a flat rate.