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FSB warns against illegal funeral policies – twelve schemes under investigation

05 September 2016 FSB

The Financial Services Board (FSB) is investigating twelve entities selling funeral policies and continues to warn the public to be cautious when purchasing such policies.

The entities under investigation are:

  NAME OF ENTITY

NAME OF OWNER/ CONTACT PERSON

ADDRESS

PROVINCE

  1.     State Life (Pty) Ltd

Mr Thapelo Macholo

5 Elizabeth Street

WELKOM

Free State

  1.     Tefo Funerals

Ms Xoliswa Bedula

 

28 Jagger Street, Choice Plaza

MATATIELE

Eastern Cape

  1.     Tumi’s Funeral Home 

Mr Feli William Ramaseli

97 Cnr Riverside & Motebang Street

WITSIESHOEK

Free State

  1.     M3 Life Funeral and Financial Services

Mr K.E Moribe

499 Aukats Street, Huhudi

VRYBURG

North West

  1.     Six Feet Grave and Burial Funeral Scheme

Mr Thokozani Dladla

 

46 Kilma Court, Office 6-8, Cnr 5th & 4th Str

SPRINGS

Gauteng

  1.     Madito Thusanang Funerals

 

Mr Isaac Tsagae

 

PO Box 163

OTTOSDAL

North West

  1.     Vultures Funeral Administrators

Mr Katlego Sandford Moribe

1743 Dikgatlong Section

MADIBOGO

North West

  1.     Semalaleng Trading and Projects

Mr Semalaleng Paul Lekgetho

339 Boikutso Location

LICHTENBURG

North West

  1.     Triple Desire Burial Schemes

Ms Irene Mgidi

 

Office No 01, Zola One

SOWETO

Gauteng

  1. The Cow Boys

Mr Oupa Maetisa

 

24 Springer Crescent, Reiger Park

BOKSBURG

Gauteng

  1. Tsomo and Areas Burial Society

Mr Sithembile Mtati

 

P O Box 6794, Roggebaai

CAPE TOWN

Western Cape

  1. ET Funeral Scheme

 

Ms Tondani Netshakuma

NPDG (VGC) Building, Office No. 92

THOHOYANDOU

Limpopo

 

These entities were requested by the FSB to provide proof that their funeral policies are underwritten by a registered long-term insurance company, as required by law, and were afforded 10 days to respond.  The entities have either failed to respond to this request or have failed to confirm that their funeral policies are underwritten by a registered long-term insurance company.

The FSB investigates and takes action against entities who sell funeral policies to the public whilst such policies are not underwritten by a registered long-term insurance company. This conduct amounts to running unregistered insurance business thus breaching the provisions of the Long-term Insurance Act 52 of 1998.

Entities (including their owners) that breach the provisions of the Long-term Insurance Act 52 of 1998 may be subject to a fine or imprisonment upon conviction. 

Any persons having any queries regarding the above-named entities may contact Mr Milton Sebaka on the following contact numbers: 012 422 2875.

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