ASISA: Eighteen advisers S Referenced during September

10 November 2008 Association for Savings and Investment South Africa (ASISA)

During September this year 18 financial advisers were S Referenced by the former Life Offices’ Association (LOA), the majority for submitting unauthorised policies (policies written without a client’s consent). There were also three cases of fraudulent misrepresentation.

The S Reference system is one of self-regulation and aims to protect consumers from advisers who are considered unfit to be marketing the products of the long-term insurance industry.

Participants in the S Reference system will not employ, accept new business from, or pay commission to an S Referenced financial adviser. An S Referenced person may also not be employed in a position that allows them control over advisers or their training.

An S Reference is imposed upon an adviser for five years. This may be reduced to three years if there are special mitigating factors. After the expiry of the period, the S Reference will lapse.

Results of the S Reference Hearings held during September 2008

The following intermediaries were S Referenced for five years:

  1. Mr. P.A. Motapo of Rustenberg, North-West
    ID no: 8101236241087 – submitting unauthorised policies
  2. Mr. S.M.A. Kutumela of Tembisa, Gauteng
    ID no: 7305055845081 – submitting unauthorised policies
  3. Mr. H.P. Matlakala of Steelpoort, Limpopo
    ID no: 6604165367080 - submitting unauthorised policies
  4. Mr. M.J. Manyama of Molototsi, Limpopo
    ID no: 8202026822084 – fraudulent misrepresentation
  5. Ms. B.B. Mushwana of Tzaneen, Northern Province
    ID no: 6803275461086 - submitting unauthorised policies
  6. Mr. N.S. Netsianda of Johannesburg, Gauteng
    ID no: 7403146196083 - submitting unauthorised policies
  7. Mr. E. Tjingangu of Bethal, Mpumalanga
    ID no: 8005056043087 - submitting unauthorised policies
  8. Ms. L. Tlhoaele of Soshanguve, Gauteng
    ID no: 7104210592088 - submitting unauthorised policies
  9. Mr. T.L. Singo of Emdo Park, Limpopo
    ID no: 7211106056084 - submitting unauthorised policies
  10. Mr. T.R.J. Molopa of The Reeds, Gauteng
    ID no: 8005055665088 – submitted an unauthorised policy
  11. Mr. G.D. Mhlanga of Soweto, Gauteng
    ID no: 8007265345089 - submitting unauthorised policies
  12. Mr. J.G. Mhlongo of Ga-Rankuwa, North West
    ID no: 8201017702081 - submitted an unauthorised policy
  13. Mr. J.S. Rakoto of Orkney, North West
    ID no: 6903126196087 - submitted an unauthorised policy
  14. Mr. G.P.A. Rahme of Rivonia, Gauteng
    ID no: 6202165144086 - fraudulent misrepresentation
  15. Mr. A.R. Goslin of Ridge Terrace, Gauteng
    ID no: 6305085115084 - fraudulent misrepresentation
  16. Ms. B.V. Tlhakudi of Botshabelo, Mpumalanga
    ID no: 7806230544085 - submitted an unauthorised policy
  17. Mr. C.J. Vorster of Kleksdorp, North West
    ID no: 6805165056082 - submitted an unauthorised policy
  18. Mr. X.F. Mngomezulu of Durban, Kwa-Zulu Natal
    ID no: 6310085479084 - submitted an unauthorised policy
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