The Financial Sector Conduct Authority (FSCA) has issued a public warning against Vusy Holdings (Pty) Ltd, trading as Tshi-Lettie Funeral Services and Tombstones.
The regulator states: “We urge the public to exercise extreme caution when considering funeral insurance policies from this provider. Our investigation found they may be issuing policies without proper authorization.”
Key Concerns:
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Tshi-Lettie Funeral Services cannot be found at its registered address
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The company is not authorized by the FSCA or Prudential Authority to sell insurance
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Selling insurance without a license is a criminal offense in South Africa
FSCA’s Strong Warning:
“Any company issuing insurance policies must be authorized by both the FSCA and Prudential Authority. Tshi-Lettie Funeral Services does not meet this critical requirement.”
How to Protect Yourself:
- Always verify authorization status before buying insurance
- Check what specific insurance classes a provider is licensed for
- Be wary of companies that can’t be found at their listed address
Verification Methods:
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Call FSCA: 0800 110 443 (toll-free)
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Online search: FSCA Regulated Entities
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FAIS Act search: Authorized FSPs
The FSCA emphasizes: “Consumers should never purchase insurance from unlicensed providers. The risks are simply too great.”
