In Part 2, we profiled the conduct of the Liberty Group in the incorrect cancellation of hundreds of pension funds when they still held more than R100m owed to thousands of people. This is part of a far bigger scandal of unpaid pensions due to more than four million southern Africans. This week we look at Dube Tshidi, a regulator who not only effected the erroneous cancellations, but also failed to hold Liberty or any implicated financial sector actors to account. When the public needed effective regulation, the Financial Services Board (FSB) and its long-standing head failed them.