ASISA S-Referenced three advisers during February
During February this year, three financial advisers were S-Referenced by the Association for Savings and Investment South Africa (ASISA) for submitting unauthorised policies (policies written without a client’s consent) as well as for failing to render financial services honestly and fairly, and with due skill, care and diligence.
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 an S-Reference Hearing held during February 2009
The following intermediaries were S-Referenced for five years:
- Mr. H. Sotshononda of Haven Hills, Eastern Cape
ID no: 5910135889082 – submitted unauthorised policies - Mr. T.L. Singo of Emdo Park, Polokwane
ID no: 7211106056084 – submitted unauthorised policies - Mr. H.P. Makgotla of Diepkloof, Gauteng
ID no: 5504105743088 - submitted unauthorised policies as well as for failing to render financial services honestly and fairly, and with due skill, care and diligence
