The Financial Sector Conduct Authority is warning the public to be careful when taking out funeral insurance with Finworth Funeral Insurance, Magoda Funeral Parlour and Grant Julius Funeral Directors and to also be careful when investing with CMC Markets Investment and Mrs Felicitie Jacobs.
When the FSCA visited the premises indicated as Magoda’s business address, it found it was a residential property and the residents had no knowledge of the parlour.from Noord Street in Johannesburg after also receiving a complaint that it may be issuing insurance policies that were possibly not underwritten by an authorised long-term insurer.
If you want to take out funeral insurance, the FSCA says you should always check that the entity or individual is authorised by the FSCA and the Prudential Authority to provide financial products and services and/or insurance policies, as well as what class of insurance business it is authorised to conduct.
The FSCA says CMC Markets Investment is not authorised in terms of any financial sector law to provide financial services and could not contact CMC Markets Investment for comment. “The public is advised to avoid accepting financial advice, assistance, or investment offers from individuals or entities not authorised by the FSCA.”
“The FSCA emphasises that Jacobs is not authorised, under any financial sector legislation, to provide financial products or services. Moreover, the FSCA notes that profits from trading activities, especially those involving volatile markets, cannot be guaranteed.