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FSB warns public against conducting business

FSB warns public against conducting business
24-06-14 / Staff Writer

FSB warns public against conducting business

Long Term Insurance Category A: advice and intermediary services

Friendly Society Benefits: advice and intermediary services

Category IV Assistance Business FSP: intermediary services

Assistance business FSP: intermediary services

Mentor Life Cover and Investment Ltd's key individual was Mr Moloko Lucas Onismus Mabeba. Mentor Life Cover and Investment Ltd was conducting business from the following addresses:

Office 7/ 3rd Floor
110 Bordeaux Drive
Randburg
2194

P.O.Box 15002
Esselen Park
Kempton Park
1626

"Mentor Life Cover and Investment Ltd's FAIS licence was withdrawn on 28 August 2013 and Mr Moloko Lucas Onismus Mabeba was debarred for a period of 5 years from applying for a new licence. The withdrawal of authorisation follows an investigation into the affairs of Mentor Life Cover and Investment Ltd by the Registrar of Financial Services Providers and the Registrar of Long-term Insurance. Mentor Life is neither a registered long-term insurer, nor a licensed FSP as required in terms of the law."

"The FSB requested Mentor Life to provide proof of underwriting on several occasions; however, to date Mentor Life failed to provide the requested proof. It appears that Mentor Life is conducting unregistered insurance business and consequently policyholders are not protected," said the financial regulator.

It stated that it has subsequently come to the FSB's attention that Mr Moloko Lucas Onismus Mabeba and /or Mentor Life Cover and Investment Ltd are still rendering financial services without the required authorisation. "Mentor Life Cover and Investment Ltd and/ or Mr Lucas Mabeba are also conducting unregistered insurance business by selling funeral policies while not underwritten by a registered long-term insurance company."

"The public is also warned against dealing with MBB Legacy Investment Group (Reg: 2013/214522/07) as this entity is not licensed in terms of the FAIS Act and is not authorized to render financial services" concluded the financial regulator.

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