FANews
FANews
RELATED CATEGORIES

The FSCA warns the public against Ibhunga African Burial Society and Isilo so Dumo

28 October 2021 The Financial Sector Conduct Authority (FSCA)

The Financial Sector Conduct Authority (FSCA) would like to warn the public to be cautious when conducting financial services business with Ibhunga African Burial Society (Ibhunga) and Isilo so Dumo (Isilo).

Ibhunga and Isilo are not authorised to render any financial advisory and/or intermediary services in terms of the Financial Advisory and Intermediary Services Act No. 37 of 2002 (FAIS Act). The FSCA received information from a member of the public that has raised material concerns with the FSCA.

Ibhunga is a funeral parlour and Isilo is a burial society. Isilo collects monthly premiums from members of the funeral parlour and the two entities are run by one individual. The FSCA is of the view that it is likely that the entity is conducting financial services business and requires a financial services provider licence from the FSCA. It is therefore highly likely that they are conducting unregistered business, which is a criminal offence.

Members of the public should always check that an entity or individual is registered with the FSCA to provide Financial Advisory & Intermediary Services and what category of advice it is that the entity is registered to provide.

The FSCA reminds customers who wish to conduct financial services with an institution or person to check beforehand with the FSCA on either the toll free number (0800 110 443) or on https://www.fsca.co.za/Fais/Search_FSP.htm whether such institution or person is authorised to render financial services.

Quick Polls

QUESTION

The shocking crime and motor vehicle accident statistics shared during a recent SHA presentation suggests that group personal accident and personal accident cover are a no-brainer. Do you agree?

ANSWER

Yes
No
Not sure
fanews magazine
FAnews April 2024 Get the latest issue of FAnews

This month's headlines

FAIS Ombud lashes broker for multiple compliance blunders
TCF… a regulatory misfit initiative?
The impact of NHI on medical malpractice insurance
Fixed versus variable: can you have your cake and eat it too?
The future world of work
Subscribe now