ASISA S Referenced 22 advisers in November last year

During November last year, 22 financial advisers were S Referenced by the Association for Savings and Investment South Africa (ASISA), the majority for submitting unauthorised policies (policies written without a client’s consent). There were also two cases of misappropriation of funds.

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 November 2008

The following intermediaries were S Referenced for five years:

1. Ms. A. van Wyk of Secunda, Mpumalanga
   ID no: 6912190466086 – submitted an unauthorised policy
2. Ms. C.S. Msimango of Bryanston, Gauteng
   ID no: 7203150419086 – submitted an unauthorised policy
3. Mr. D.C. Pretorius of Sandton, Gauteng
   ID no: 6609195032083 - submitted an unauthorised policy
4. Mr. S.J. Mametja of Lenyene, Limpopo
   ID no: 7703305338081 – submitted an unauthorised policy
5. Mr. W.N. Majola of Durban, Kwa-Zulu Natal
   ID no: 6011275505084 - submitted an unauthorised policy
6. Ms. J.R. van Graan of Pretoria, Gauteng
   ID no: 8510080177082 - submitted an unauthorised policy
7. Mr. M.A. Regal of Athlone, Western Cape
   ID no: 7203215250088 - submitted an unauthorised policy
8. Mr. E.T. Botha of Despatch, Eastern Cape
   ID no: 7601255093088 - submitted an unauthorised policy
9. Mr. H.N. Engelbrecht of Kraaifontein, Western Cape
   ID no: 6911045219088 - submitting unauthorised policies
10. Mr. J. Sithole of Rustenburg, North West
    ID no: 7206145965089 – submitting unauthorised policies
11. Mr. F. Bulelwa of Johannesburg, Gauteng
    ID no: 8109110920080 - submitting unauthorised policies
12. Mr. Z.K. Rulashe of Malven, Kwa-Zulu Natal
    ID no: 7106086011085 - submitting unauthorised policies
13. Ms. A.M. Maake of Yeoville, Gauteng
    ID no: 8103066256086 - submitting unauthorised policies
14. Mr. S.J. Sekanka of Mogwase, North West
    ID no: 8503285343088 - submitting unauthorised policies
15. Mr. S.P. Mosholi of Vryburg, North West
    ID no: 7203055570082 – submitting unauthorised policies
16. Mr. A. de Beer of Kyalami Estates, Gauteng
    ID no: 6806285160085 - misappropriation of funds
17. Mr. W. Harris of Edenvale, Gauteng
    ID no: 7010225122086 – misappropriation of funds
18. Ms. M. Aub of Linden, Gauteng
    ID no: 7103290163083 - submitted an unauthorised policy
19. Mr. J.M. Mpya of Pietersburg, Northern Province
    ID no: 7208255685083 - submitted an unauthorised policy
20. Ms. Z.Z. Ngcobo of Midrand, Gauteng
    ID no: 8202090761085 - submitting unauthorised policies
21. Mr. F.C. van den Berg of Witbank, Mpumalanga
    ID no: 6701225032082 - submitting unauthorised policies
22. Mr. G. Murray of Bedfordview, Gauteng
    ID no: 7406055041083 - submitting unauthorised policies