Goodwill Funeral Services has been fined K68.7 million by the Competition and Fair Trading Commission for unfair trading practices following a complaint.
CFTC has also imposed a K500 000 fine to Nico Life Insurance over a compliant about restrictive tendencies by the two companies on funeral cover conditions under Medical Aid Society of Malawi (MASM).
It emerged that Nico Life restricted clients with MASM to only use Goodwill Funeral Services, to the detriment of some hence the compliant.
According to CfTC Acting Executive Director, Apoche Itimu, the fine on Goodwill is reflective of financial gains from the unfair trading practices.
However, she said it was difficult to calculate how much Nico Life gained hence the minimum fine of K500 000, pursuant to the law.
