Public Warnings – Database of Regulatory Sanctions

Filter your search of our database of regulatory sanctions (Errors and omissions excepted)

(For best results, please include the full name or the first part of the entity or person name. Please include any apostrophe ['] or dash [-] if contained in the name you are searching for.)

Type Industry Name Transgression Regulatory Sanction Effective Date End Date
Natural Person Insurance Industry Mbabane Burial Society
  • Providing, purporting to provide or holding itself out as being able or authorized to provide financial services in Eswatini without having a valid license, in contravention of section 35 (1) of the FSRA Act, 2010
The entity was fined a financial penalty of E30,000.00. The financial penalty was wholly suspended subject to the entity not committing similar offences within a period of 3 years; and The amount of E 30,000.00 will be payable immediately in the event the entity committed similar offences within 3 years from the date of the issue of the decision January, 2021
Legal Entity Insurance Industry Medscheme Health Insurance Eswatini (Pty) Ltd


  • Providing, purporting to provide or holding itself out as being able or authorized to provide financial services in Eswatini without having a valid license, in contravention of section 35 (1) of the FSRA Act, 2010;   
  •  Failure to comply with schedule 3 of the Insurance Regulations, 2008; 
  • Failure to comply with a directive; 
  • Failure to comply with section 51 of the FSRA Act, 2010 and section 18 (a) of the Money Laundering & Financing of Terrorism Prevention Act, 2011, as amended 2016; and
  •  Failure to pay levies in contravention of section 15 of the Insurance Directives, 2008.


The entity was fined an administrative penalty of E 140 000.00 which was wholly suspended for 3 years subject to the entity not committing similar offences within the suspended period. December, 2020
Legal Entity Insurance Industry Nico Insurance Brokers (Pty) Ltd
  • Failure to comply with conditions imposed to the renewal of its license in terms of section 38 of the FSRA Act, 2010
The entity was fined a financial penalty of E 30,000.00. The financial penalty was wholly suspended subject to the entity not committing similar offences within a period of 3 years. The entity was directed to submit all due and outstanding financial statements/returns within 60 days of receipt of the decision: and The entity was warned that failure to submit all the outstanding financials would result in the imposition of a financial penalty of E 10,000.00 and the suspension of the entity’s license. December, 2020
Legal Entity Insurance Industry Excellence Financial Services
  • Providing, purporting to provide or holding itself out as being able or authorized to provide financial services in Eswatini without having a valid license, in contravention of section 35 (1) of the FSRA Act, 2010;
  • Failure to submit audited financial statements, in contravention of regulation 10 (1) of the Insurance Regulations, 2008;
  • Failure to submit quarterly returns in contravention of regulation 11 of the Insurance Regulations, 2008; and
  • Failure to submit annual returns in contravention of directive 9 (1) of the Insurance Directives, 2008.
The entity was fined an administrative penalty of E 60,000.00; The entity was directed to submit all outstanding returns; The entity was warned not to commit similar offences; and The entity was directed to comply with the decision and warned that a failure to adhere to the decision will result in the entity being debarred from the insurance industry. November, 2020
Legal Entity Insurance Industry Glenrand MIB Swaziland (Pty) Ltd
  • Failure to comply with section 17 (2) of the Insurance Act, 2005
The entity was directed in terms of section 67 (c) of the FSRA Act, 2010 to adhere to all financial services laws at all times September, 2020
Legal Entity Credit and Savings Industry Select Limited Swaziland
  • Failure to comply with Circular No: 2/2015; and
  • Failure to comply with Section 6 (1) of the Money Laundering and Financing of Terrorism (Prevention) Act, 2011 as Amended 2016
The entity was fined a financial Penalty of E 400,000.00; A sum of E 300,000.00 was suspended on condition that the entity submits all periodic reports on the progress of the remedial actions prescribed by the Authority; The entity was cautioned that any deviance from the remedial action or plan shall dispel the condition and render the whole amount due and payable; and The sum of E 100,000.00 shall be payable not later than 31 March 2021. August, 2020
Legal Entity Credit and Savings Industry LSD Swift Finance (Pty) Ltd
  • Failure to submit periodic financial reports in contravention of section 52 (a) of the FSRA Act.
The entity was fined an administrative penalty of E 30,000; The entity was directed in terms of section 67 (c) to submit all outstanding financial reports within 30 days of receipt of the Authority’s decision; and The entity was further cautioned in terms of section 67 (c) of the FSRA Act that failure to adhere to the Authority’s decision will result in its licence being suspended. July, 2020
Legal Entity Insurance Industry Global Impact Consultancy Risk (Pty) Ltd
  • Submission of non- authentic documents bearing false and misleading information, in contravention of sections 115 of the Insurance Act, 2005, section 46 (a) (b) (m) & 47 of the FSRA Act, 2010; and
  • Using an unlicensed agent in contravention of section 19 (3) of the Insurance Act, 2005.
The entity was directed in terms of section 67 (c) to use agents as per the dictates of the law. April, 2020
Legal Entity Insurance Industry Ensure Insurance Brokers


  • Failure to comply with section 17 (2) (a) of the Insurance Act, 2005.
The entity was fined an administrative penalty of E 10,000; The entity was directed in terms of section 67 (c) of the FSRA to comply with the provisions of section 17 (2) (a) of the Insurance Act, 2005 within 60 days of receipt of the Authority’s decision; & The administrative penalty was suspended on condition the entity complied with section 17 (2) (a) of the Insurance Act, 2005 within the required time frame. April, 2020
Legal Entity Credit and Savings Industry Kuhle Kuhlangana Savings and Credit Co-operative
  • Failure to submit periodic financial reports in contravention of section 52 (2) (a) of the FSRA Act,2010.
The entity was fined an administrative penalty of E 50,000; The entity was directed to remove all board members from the office and appoint new board members; and The entity was directed to desist from appointing into office the removed board members for a period of 10 years. August, 2019
Legal Entity Insurance Industry United Life Assurance Ltd
  • Failure to comply with Circular No: 2/2015; and
  • Failure to comply with section 6 (1) of the Money Laundering and Financing of Terrorism (Prevention) Act, 2011 as Amended 2016
The entity was fined a financial Penalty of E 80,000.00 June, 2019
Legal Entity Credit and Savings Industry Amandla Financial Services (Pty) Ltd
  • Failure to comply with Circular No: 2/2015; and
  • Failure to comply with Section 6 (1) of the Money Laundering and Financing of Terrorism (Prevention) Act, 2011 as Amended 2016
The entity was fined a financial Penalty of E 80,000.00 June, 2019
Legal Entity Capital Markets Industry Pan – African Asset Management (Pty) Ltd
  • Failure to comply with Circular No: 2/2015; and
  • Failure to comply with Section 6 (1) of the Money Laundering and Financing of Terrorism (Prevention) Act, 2011 as Amended 2016
The entity was fined a financial Penalty of E 80,000.00 June, 2019
Legal Entity Capital Markets Industry Umelusi Capital (Pty) Ltd
  • Failure to comply with Circular No: 2/2015; and
  • Failure to comply with Section 6 (1) of the Money Laundering and Financing of Terrorism (Prevention) Act, 2011 as Amended 2016
The entity was fined a financial Penalty of E 30,000.00 June, 2019
Legal Entity Insurance Industry Finroc Consult Financial Services (Pty) Ltd
  • Failure to timeously submit audited financial statements
  • Failure to timeously submit annual returns
  • Failure to timeously pay levies
  • Failure to align its shareholding structure with the Insurance Act, 2005
  • Managing the affairs of the broker in an imprudent, improper, financially sound, and unlawful manner
  • Failure to submit details of its trust account
The licence of the entity was revoked. The revocation was suspended subject to the entity adhering to certain conditions set by the Registrar on or before 28 February 2015: On 1 April 2015, the entity was directed to stop trading as an insurance broker for failure to comply with the Registrar’s decision dated 18 December 2014. April, 2015
Legal Entity Insurance Industry Light of Life Insurance Brokers
  • Operating without a valid license. 
  • Failure to timeously submit quarterly returns. 
  • Operating without a valid professional indemnity and fidelity guarantee.
Licence renewal declined February, 2014
Natural Person Insurance Industry Velaphi Luke Motsa
  • Operating without a valid license. 
  • Failure to timeously submit financial statements. 
  • Operating without a professional indemnity and fidelity guarantee.
Debarred for 3 years December, 2013 December, 2016
Legal Entity Insurance Industry Budget Insurance Brokers
  • Operating without a valid license. 
  • Failure to timeously submit financial statements 
  • Operating without a professional indemnity and fidelity guarantee.
Debarred for 3 years December, 2013 December, 2016
Natural Person Insurance Industry Midford Mazibuko
  • Conducting insurance business without a valid license
  • Failure to timeously remit premiums due to insurer. 
  • Misappropriation of policy holders' premiums. 
  • Operating without a professional indemnity and fidelity guarantee.
Debarred for 5 years November, 2013 November, 2018
Legal Entity Insurance Industry Midbev Investments
  • Conducting insurance business without a valid license.
  • Failure to timeously remit premiums due to insurer.
  • Misappropriation of policy holders’ premiums.
  • Operating without a professional indemnity and fidelity guarantee. 
Debarred for 5 years November, 2013 November, 2018
Natural Person Insurance Industry Cornelius Jacobus Kleinsmith
  • Operating without a valid license. 
  • Sourcing insurance business using unregistered agents 
  • Failure to timeously remit financial statements. 
  • Failure to appoint AML/CFT compliance officer 
  • Failure to act with integrity, professionalism, utmost good faith in dealings with the public and to act in the best interest of clients.   
Debarred for 5 years June, 2013 June, 2018
Legal Entity Insurance Industry Isambulo Investments
  • Operating without a valid license. 
  • Sourcing insurance business using unregistered agents. 
  • Failure to timeously remit financial statements. 
  • Failure to appoint AML/CFT compliance officer. 
  • Failure to act with integrity, professionalism, utmost good faith in dealings with the public and to act in the best interest of clients. 
Debarred for 5 years June, 2013 June, 2018
Natural Person Insurance Industry Michael Mngadi
  • Failure to timeously remit premiums due to insurer. 
  • Misappropriation of policy holders’ premiums. 
  • Sourcing insurance business using an unregistered agent. 
  • Failure to act with integrity, professionalism, utmost good faith in dealings with the public and to act in the best interest of clients.
Debarred for 10 years May, 2013 May, 2023
Legal Entity Insurance Industry RLT Investments
  • Failure to timeously remit premiums due to insurer. 
  • Misappropriation of policy holders’ premiums. 
  • Sourcing insurance business using an unregistered agent. Failure to act with integrity, professionalism, utmost good faith in dealings with the public and to act in the best interest of clients.
Debarred for 10 years May, 2013 May, 2023
Natural Person Insurance Industry Nomsa Precious Ndlovu
  • Submission of fraudulent academic qualifications to register as an insurance agent.
Probation- not to commit same offence within 2 years period March, 2013 March, 2015
Natural Person Insurance Industry Sibusiso Cedric Simba
  • Submission of fraudulent academic qualifications to register as an insurance agent.
Probation- not to commit same offence within 2 years period March, 2013 March, 2015
Natural Person Retirement Fund Industry Mandla Luphondvo
  • Failure to avoid conflict of Interest with a Retirement Fund service provider.
Debarred from being a retirement fund Trustee for 5 years March, 2013 March, 2018
Natural Person Retirement Fund Industry Leonard Dlamini
  • Failure to avoid conflict of Interest with a Retirement Fund service provider.
Debarred from being a retirement fund Trustee for 5 years February, 2013 February, 2018
Natural Person Insurance Industry Vusi Sibisi
  • Conducting insurance business without a license
  • Unpaid claims due to policy holders.
Debarred for 5 years December, 2012 December, 2017
Legal Entity Insurance Industry Lifeguard Funeral Network Scheme
  • Conducting insurance business without a license.
  • Unpaid claims to policy holders
Debarred for 5 years December, 2012 December, 2017
Natural Person Insurance Industry Thulani Nkambule
  • Dishonest concealment of past gross misconduct in statement of professional work conduct
  • Operating without a professional indemnity and fidelity guarantee.
Debarred for 5 years September, 2011 September, 2016
Legal Entity Insurance Industry Phathu Insurance Brokers
  • Dishonest concealment of past gross misconduct in statement of professional work conduct of the Managing Director. 
  • Operating without a professional indemnity and fidelity guarantee.
Debarred for 5 years September, 2011 September, 2016

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