16 Jul 2015

National Credit Regulator Wants The Consumer Tribunal To Fine Lewis R10m

Insurance, National Credit Regulator (NCR) No Comments

The National Credit Regulator had referred Lewis and Monarch Insurance Company to the National Consumer Tribunal following an investigation into loss-of-employment cover sold to people who would not be able to claim the benefits.

The referral relates to three cases of the sale of retrenchment cover to pensioners and self-employed consumers.

“We are requesting Lewis and Monarch to refund the pensioners and self-employed consumers and to do an audit in terms of how much to refund.”
“We are also asking the Tribunal to impose an administrative fine,” a Regulator spokes person said.

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