JOHANNESBURG - The Financial Services Providers (FAIS) Ombudsman has confirmed that over half of all complaints received were against funeral policy providers.
It recovered nearly R40 million for consumers in the year that ended in March.
The Ombud deals with complaints against short and long-term insurance providers.
It made 12 determinations, most of them against funeral policy provider, Luvuyo Burial and Consulting.
The company has since lost its ability to operate.
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Other financial service providers are mostly complying, with complaints against the big companies falling.
In less than 30% of the cases investigated, an award was made or a settlement reached.
FAIS Ombud, John Simpson, has warned consumers to be vigilant about online trading platforms that have cost South Africans millions.