The Financial Sector Conduct Authority (FSCA) and Prudential Authority (PA) have announced a review of the regulatory framework governing the distribution of funeral insurance in South Africa. This initiative comes in response to concerns highlighted by both the Authorities and representatives from the funeral parlour industry. The review aims to assess whether the current regulations adequately address the unique socio-economic and market dynamics of this sector.
The Authorities have expressed their intention to ensure that the regulatory framework is suitable for the specific needs and challenges faced by those involved in providing funeral insurance services. The engagement with industry stakeholders will be a crucial part of this process, allowing for a comprehensive evaluation of existing policies.
The FSCA and PA are encouraging participation from relevant parties to contribute insights and feedback during this review period. This collaborative approach is intended to foster an environment where all voices within the industry can be heard, ensuring that any changes made are well-informed and beneficial to all stakeholders involved.