The Financial Services Board (FSB) is investigating 13 businesses selling funeral policies. It says you should be extra-cautious when buying a funeral policy from any provider. <\/p>\n
The entities under investigation are: Matome Molefe Funeral Service of Mamelodi East, Gauteng; Eyodidi Funeral Undertakers of Khayelitsha, Western Cape; Baxolise Funerals of Mdantsane, Eastern Cape; Zeldas Wreaths and Coffins of Victoria West, Northern Cape; City Funerals of Nancefield, Gauteng; Devine Casia of Johannesburg, Gauteng; Ndikhokhele Yehova Funeral Service of Richmond, Northern Cape; Infinitum Funeral Assist of Ladysmith, KwaZulu-Natal; Tswelopele Funerals of Koffiefontein, Free State; Itshereletso Funerals of Bluegum Bosch, Free State; Nom and Macc Funeral Services of Mafikeng, North West; Botlhe Funeral Undertakers of Zeerust, North West; and M&P Funeral Services of Hammanskraal, Gauteng. <\/p>\n
The FSB says these businesses were asked to provide proof that their funeral policies are underwritten by a registered long-term insurance company, and were given 10 days to respond. They have either failed to respond or have failed to confirm that their policies are underwritten, as required by law. <\/p>\n
The FSB investigates and takes action against entities that sell non-underwritten funeral policies. Such conduct breaches the Long Term Insurance Act and amounts to running an unregistered insurance business. <\/p>\n
OFFSHORE OPERATORS <\/p>\n
The FSB warns you against using Financika, an offshore online foreign-exchange trading platform that also provides advisory services, and Q International, also trading as Q Asia Pacific. Neither of these operators is an authorised financial services provider, as required by the Financial Advisory and Intermediary Services Act. <\/p>\n
The FSB says it has been informed that the American shares that Q International offers to prospective clients may be worthless or non-existent. You are again reminded to check beforehand with the FSB, on either the toll-free number (0800 110 443) or the website, http:\/\/www.fsb.co.za<\/a>, whether the entity with which you intend doing financial services business is authorised to render such services. <\/p>\n <\/p>\n Originally posted here: <\/p>\n FSB warns about funeral policy providers and offshore trading sites - Independent Online<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" The Financial Services Board (FSB) is investigating 13 businesses selling funeral policies. It says you should be extra-cautious when buying a funeral policy from any provider. The entities under investigation are: Matome Molefe Funeral Service of Mamelodi East, Gauteng; Eyodidi Funeral Undertakers of Khayelitsha, Western Cape; Baxolise Funerals of Mdantsane, Eastern Cape; Zeldas Wreaths and Coffins of Victoria West, Northern Cape; City Funerals of Nancefield, Gauteng; Devine Casia of Johannesburg, Gauteng; Ndikhokhele Yehova Funeral Service of Richmond, Northern Cape; Infinitum Funeral Assist of Ladysmith, KwaZulu-Natal; Tswelopele Funerals of Koffiefontein, Free State; Itshereletso Funerals of Bluegum Bosch, Free State; Nom and Macc Funeral Services of Mafikeng, North West; Botlhe Funeral Undertakers of Zeerust, North West; and M&P Funeral Services of Hammanskraal, Gauteng. Continue reading