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Funeral services business fined R200 000

Sep 21 2015 16:24

Johannesburg - Mpiti’s Funeral Services in the Eastern Cape and Mzomhle Mpiti were fined R200 000 by the Enforcement Committee of the Financial Services Board (FSB) last week.

The Registrar of Long-term Insurance had referred the case against Mpiti’s Funeral Services and Mpiti to the committee. The referral related to a contravention of the Long-term Insurance Act in that the respondents carried on a long-term insurance business without being registered as a long-term insurer.

The respondents admitted the contravention and agreed to settle the matter. According to the FSB, the registrar took into account, amongst others, that the respondents co-operated with the registrar’s investigation and the subsequent enforcement action.

READ: FSB warns on fake financial schemes

fsb  |  financial services  |  insurance
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