The Enforcement Committee of the Financial Services Board (FSB) has fined the following financial services companies because they broke the law:
* Hollard Insurance Company Limited was fined R70 000 for allowing 173 independent intermediaries to receive, hold and deal with premiums payable to Hollard without the intermediaries providing security between November 2008 and March 2011.
* African Unity Insurance Limited was fined R100 000 for entering into an agreement with Nothemba Funeral and Financial Services CC. In terms of the agreement, Nothemba marketed insurance products on behalf of African Unity before Nothemba had been authorised in August 2010 to act as a financial services provider (FSP) in terms of the Financial Advisory and Intermediary Services (FAIS) Act.
* Nothemba Funeral and Financial Services CC trading as Nothemba Funeral Services was fined R20 000 for providing financial services without being noted as a representative or an FSP in terms of the FAIS Act.
* Gingirikani Marketing CC trading as Ditiro Group Funeral Administrators was fined R40 000 for allowing various funeral parlours to render financial services although they had not been authorised to act as FSPs.
The Enforcement Committee may impose administrative penalties, compensation orders and cost orders on respondents that have contravened any law administered by the FSB.