FSCA warns public about Seipati Group of Companies

An insurance claim. File picture: IOL

An insurance claim. File picture: IOL

Published Mar 10, 2021

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THE Financial Sector Conduct Authority (FSCA) has urged the public to tread with caution when dealing with the Seipati Group of Companies.

In a statement, FSCA said it suspected that Seipati Group is conducting unauthorised financial services and breaching various financial sector laws.

“FSCA received information that Seipati Group is conducting insurance business without an underwriter.

“The FSCA confirms that Seipati Group is not authorised in terms of the Financial Advisory and Intermediary Services Act to render financial advisory and intermediary services.”

When Business Report Online did an internet search for the company, the following error message appeared on the company’s website: “Unfortunately, this website is not active anymore. If you are the owner of this site, you can reactivate it anytime with your dashboard, or by contacting our support team.”

In October 2020, an unhappy customer named Lesego L wrote about her experience with the company on consumer website Hellopeter.

“I took out a funeral policy from a company called Seipati group of companies (Seipati Mpate). One of the owners is Romeo Matjila. Now I have a funeral, submitted my claim on Friday. It is supposed to pay within 48 hours. It still hasn’t.

“Now this Romeo guy is ghosting me he since said will get back to me. Now he is not taking my calls nor reply messages. The funeral was supposed to take place today. Due to this incompetence, it has been postponed,” she said.

The body also cautioned members of the public to check that an entity or individual is registered with the FSCA to provide financial advisory and intermediary services.

“The public must also check what category of advice that entity is registered to provide. There are instances where persons are registered to provide basic advisory services for a low-risk product and then offer services of a far more complex and risky nature,” said the FSCA.

The FSCA said consumers who want to conduct financial services with an institution or person should check beforehand with the FSCA on either the toll-free number (0800 110 443) or the website www.fsca.co.za whether or not such institution or person is authorised to render financial services.

BUSINESS REPORT ONLINE

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