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FSB warns the public to exercise caution when dealing with Mentor Life Cover and Investment Ltd and/or MBB Legacy Investment Group

26 June 2014

The Financial Services Board (“FSB”) would like to warn the public against conducting any business with Mentor Life Cover and Investment Ltd, its owner, Mr Lucas Mabeba and/or MBB Legacy Investment Group. Mentor Life Cover and Investment Ltd was authorized (FSP: 41338) in terms of section 7 of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act) to render financial services in respect of the following products:

 

  •         Long Term Insurance Category A: advice and intermediary services
  •         Friendly Society Benefits: advice and intermediary services
  •         Category IV Assistance Business FSP: intermediary services
  •         Assistance business FSP: intermediary services

 

Mentor Life Cover and Investment Ltd’s key individual was Mr Moloko Lucas Onismus Mabeba. 

Mentor Life Cover and Investment Ltd was conducting business from the following addresses: 

Office 7/ 3rd Floor

110 Bordeaux Drive

Randburg

2194

 

P.O.Box 15002

Esselen Park

Kempton Park

1626

Mentor Life Cover and Investment Ltd’s FAIS licence was withdrawn on 28 August 2013 and Mr Moloko Lucas Onismus Mabeba was debarred for a period of 5 years from applying for a new licence. The withdrawal of authorisation follows an investigation into the affairs of Mentor Life Cover and Investment Ltd by the Registrar of Financial Services Providers and the Registrar of Long-term Insurance. Mentor Life is neither a registered long-term insurer, nor a licensed FSP as required in terms of the law. The FSB requested Mentor Life to provide proof of underwriting on several occasions; however, to date Mentor Life failed to provide the requested proof. It appears that Mentor Life is conducting unregistered insurance business and consequently policyholders are not protected. 

It has subsequently come to the FSB’s attention that Mr Moloko Lucas Onismus Mabeba and /or Mentor Life Cover and Investment Ltd are still rendering financial services without the required authorisation. Mentor Life Cover and Investment Ltd and/ or Mr Lucas Mabeba are also conducting unregistered insurance business by selling funeral policies while not underwritten by a registered long-term insurance company. 

The public is also warned against dealing with MBB Legacy Investment Group (Reg: 2013/214522/07) as this entity is not licensed in terms of the FAIS Act and is not authorized to render financial services.

 

 

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