FANews
FANews
RELATED CATEGORIES

ASISA S Referenced 22 advisers in November last year

04 February 2009 Association for Savings and Investment South Africa (ASISA)

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
Quick Polls

QUESTION

How confident are you that insurers treat policyholders fairly, according to the Treating Customers Fairly (TCF) principles?

ANSWER

Very confident, insurers prioritise fair treatment
Somewhat confident, but improvements are needed
Not confident, there are significant issues with fair treatment
fanews magazine
FAnews June 2024 Get the latest issue of FAnews

This month's headlines

Understanding prescription in claims for professional negligence
Climate change… the single biggest risk facing insurers
Insuring the unpredictable: 2024 global election risks
Financial advice crucial as clients’ Life policy premiums rise sharply
Guiding clients through the Two-Pot Retirement System
There is diversification, and true diversification – choose wisely
Decoding the shift in investment patterns
Subscribe now