S.L. 514.3 Art. 20Liability of the custodian.

(1) The custodian shall be liable for any loss or prejudice suffered by the retirement scheme or retirement fund, or the members, beneficiaries or investors in the retirement scheme or retirement fund which is due to the custodian’s fraud, wilful default or negligence including the unjustifiable failure to perform in whole or in part the custodian’s obligations arising under these regulations, the terms and conditions of the agreement appointing the custodian, the deed or other instrument establishing or regulating the retirement scheme or retirement fund, the conditions of licensing which may be required by the competent authority, and such other requirements as may be laid down by the latter from time to time.

(2) For the purposes of this regulation, custodian includes such other persons to whom functions, duties or assets may be delegated or entrusted in terms of regulation 21.