- Seacrest Funeral Services operated unlawfully for more than three years, issuing unlicensed funeral policies and collecting over R135 000 in premiums from 65 claims before regulatory intervention.
- FSCA confirms breach of financial sector laws as Van Schalkwyk admits fault, highlighting the importance of compliance with licensed funeral policy requirements.
- Seacrest Funeral Services signs an enforceable undertaking to avoid penalties, making future compliance with licensed funeral policy regulation mandatory.
For more than three years, Seacrest Funeral Services operated outside South Africa’s financial laws by selling funeral policies without a licensed underwriter, collecting over R135 000 in premiums, and processing 65 claims in clear violation of licensed funeral policy regulations.
This unlawful conduct triggered regulatory action from the Financial Sector Conduct Authority (FSCA), which has now forced the company into a binding, enforceable undertaking and put the entire funeral services industry on notice.
The FSCA has now accepted a formal undertaking from Nicolas Cornelis Van Schalkwyk, trading as Seacrest Funeral Services, following a sustained period of unlawful insurance activity. Between January 2022 and June 2025, the business issued funeral policies without a licensed underwriter, collected premiums from hundreds of clients, and processed claims, all while operating outside the bounds of South African financial sector law.
The FSCA launched its investigation under section 135(1)(a) of the Financial Sector Regulation Act. What followed was a clear confirmation of misconduct. Van Schalkwyk, acting as sole proprietor, acknowledged his role in the violations. In the Authority’s own words, “Van Schalkwyk did not dispute his knowledge and/or involvement in the conduct of Seacrest Funeral Services and as a result, he caused and/or permitted the contraventions.” The admission was unequivocal. Both Van Schalkwyk and the business “have admitted all the contraventions.”
The FSCA found that Seacrest Funeral Services operated without the required licence under the FAIS Act and issued policies without an authorised underwriter, in breach of the Insurance Act. Although clients are now underwritten by Safrican, the Authority made clear that the prior conduct was unlawful and exposed policyholders to unregulated risk.
Undertaking accepted, but penalties remain on the table
The enforceable undertaking, signed on 3 October 2025 and accepted by the FSCA on 10 October 2025, binds Seacrest Funeral Services to strict compliance going forward. It functions as a formal commitment to rectify past misconduct and operate within the law. However, the FSCA has reserved its right to act should any term be breached. The ruling states: “If any term contained in this Enforceable Undertaking is breached or contravened, the Authority may impose an administrative penalty… debar Seacrest Funeral Services and Van Schalkwyk; and/or may approach the Tribunal.”
Van Schalkwyk also confirmed his understanding of the legal implications. “Seacrest Funeral Services and Van Schalkwyk acknowledged that they are familiar with all the provisions of section 151 of the FSR Act,” the ruling notes.
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