FSCA warns against these unlicensed funeral policy providers
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The Financial Sector Conduct Authority (FSCA) warns against doing business with several funeral services providers that are offering funeral policies without the authority under the Financial Advisory and Intermediary Services Act to do so and that do not comply with the Long-term Insurance Act:
• Alfa [sic] and Omega Funeral Services, situated in Benoni, Gauteng. This company offers funeral policy products to members of the public, who pay premiums directly to Alfa and Omega. The FSCA also warns the public that it is possible to confuse Alfa and Omega Funeral with Alpha and Omega (Pty) Ltd, an authorised provider.
• Kgabo Mpoloke Burial Home, which has a number of offices across Gauteng and certain parts of the North West province.
• Ibhunga African Burial Society and Isilo so Dumo. Isilo collects monthly premiums from members of Ibhunga, and the two entities are run by one individual. Neither entity is licensed to sell financial products.
The FSCA reminds consumers who wish to conduct financial services with an institution or individual to check beforehand with the FSCA on either the toll free number (0800 110 443) or on its website.