The Financial Sector Conduct Authority (FSCA) has fined Channel Life Limited a total of R550 000 and has ordered that compensation be paid to affected policyholders
The FSCA imposed an administrative penalty of R300 000 on Channel Life for contravening section 53 (2) of the Longterm Insurance Act, 52 of 1998 (LTIA) and R250 000 for a contravention of Rule 5.1 (a) (i) of the Policyholder Protection Rules, read with sections 7 (3), (13 (2) (b) and 13 (3) of the Financial Advisory and Intermediary Services Act, 37 of 2002 (FAIS Act). (more…)
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