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FSCA statement on National Funeral Association of South Africa march

15 November 2021 The Financial Sector Conduct Authority (FSCA)

The FSCA can confirm that it received a memorandum of grievances today from a group called the National Funeral Association of South Africa (the Association), representing funeral directors in the country. Issues raised included underwriting requirements, and various complaints about some of the provisions of the Insurance Act of 2017.

Over the past few years, the FSCA has been working with the broader funeral insurance industry to ensure that their customers are treated fairly, and their rights are protected. It is this same commitment with which the Authority received today’s memorandum.

FSCA Commissioner, Unathi Kamlana said: “At the heart of these concerns is the structure of how the industry is regulated. These are matters that need all the role-players to come together, including policy-makers, so we can find a suitable solution that does not compromise the services received by customers.”

“What has also come through very clearly is that the relationship between the underwriters and the parlours also needs to be looked into. This is one of the areas we will address when the broader discussion takes place,” said Kedibone Dikokwe, Divisional Executive for Conduct of Business Supervision at the FSCA.

The FSCA will meet with the Association in the coming weeks to get a better understanding of their concerns.

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