On 12th December, 2023, CFTC commenced investigations against Greenwing Capital Financial Services for alleged misleading and unconscionable conduct.
Investigations conducted established that Greenwing through their agent, misled the Complainant into subscribing a wrong beneficiary on the health insurance scheme. The Complainant was misled to add a brother on the scheme and was duly paying the monthly contributions for him, thus entitling his brother to the applicable death benefit, which was inconsistent with the terms and conditions of the scheme. In this regard, the Respondents conduct was misleading and contravened Section 43(1)(d) of the CFTA.
Further, it was reported that instead of giving the Complainant the deserved benefits under the scheme upon the death of the brother, the Respondents refused to do so. They merely offered him a compensation of MK25,000, which was also not paid out to the complainant. In this regard, the Respondents acted unreasonably and without conscious in contravention of Section 43(1)(g) of the CFTA.
Upon deliberation, the Commission made the following orders:
- The Respondents should provide the Complainant, Mr. Gift Friday, with the applicable monetary equivalent for death compensation under the Bwenzi Health Plan Scheme; and
- The Respondents should cease and desist from engaging in misleading conduct and unconscionable conduct in the trade of services.