Guiding consumers since 2009

FSB investigates funeral insurers

By Staff Writer

The Financial Services Board is currently investigating nine funeral insurance providers which the regulator believes are trading illegally. The businesses under investigation include: Faizel Dollie Funeral Home, Clarinise Funeral Services, Speelman Family Funeral Home, City Funeral Fund t/a City Funerals, Holy Cross, Maphutha Dihuswana Funeral Group, Tshwaragano Funerals and Omega Funeral Services.


The businesses were requested by the FSB to provide proof that they are underwritten by a registered long-term insurance company, as required by law, and were given 10 days to respond.  However, the businesses either failed to respond to this request or have failed to confirm that they are underwritten by a registered long-term insurance company.


The FSB added: “The FSB investigates and takes action against entities who sell funeral insurance policies to the public whilst such policies are not underwritten. Such a conduct amounts to running an unregistered insurance business and is therefore in breach of the provisions of the Long-term Insurance Act 52 of 1998, and may be subject to a fine or imprisonment upon conviction.”  

 

Recent Articles

Featured Financial conflict can lead to divorce – here’s how to prevent it

Talking about money is an intimate matter, and it may be uncomfortable for couples who’ve managed to avoid this discussion. However, it will become necessary at some point or other. Do you think you’re ready to talk to your partner about money?

This is how much you should spend on accommodation

As your salary changes over time, your expenses will change too. But what if you’re spending an exceedingly large percentage of your income on accommodation? Is it feasible or even recommended in our current stressful financial climate?

How to be “future greedy” with passive income

Setting up numerous streams of income is a safe way to protect yourself from the loss of your main stream of income. Better yet, setting up passive streams of income will ensure you always have money coming in, without costing you additional working hours. So, what is “passive income”, and how can you earn this?

Can your debt be cancelled?

It sometimes happens that you struggle so much to pay your debt that you think of asking your creditor to write it off. But debt doesn’t just get written off. There are conditions that must be met and procedures that must be followed before the creditor cancels your debt.

 

Deals

FNB senior customers can earn up to 30% back in eBucks at Clicks

Price: Available on request
When: From 5 August 2020
Where: Nationwide

Bakwena Spa Women’s Day Special

Price: R549 per person
When: Until 31 August 2020
Where: Centurion, Hartbeespoort, Kuils River

Dis-Chem Pap Test Special

Price: R180
When: From 3 August to 11 September 2020
Where: Nationwide


Latest Guide

Guide to debt rehabilitation solutions