Undertaker fined R11.4m

Debarred for decades for selling insurance without authorisation.

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The Financial Sector Conduct Authority (FSCA) has fi ned a funeral home R11.4 million and debarred the owners for decades after finding that they sold life insurance policies without being authorised or registered to do so.

According to a statement from the FSCA, it received complaints alleging that Sanda Funeral Home and its directors Zisanda Sanda and Sandile Michael Sanda were issuing life insurance policies without being licensed as an insurer and rendering financial services without being authorised as a financial service provider.

FSCA investigators eventually found that Sanda Funeral Home and the Sandas were issuing life insurance policies without authorisation in breach of Section 7(1)(a) of the Financial Advisory and Intermediary Services Act and Section 5(1) of the Insurance Act.

Sanda Funeral Home has multiple branches in the Eastern Cape in Kariega, Sada, Langa, Kwanobuhle, Whitt lesea, Port Elizabeth, Motherwell and in Cape Town in the Western Cape.