ASISA: Seven advisers S Referenced during August
During August this year seven financial advisers were S Referenced by the former Life Offices’ Association (LOA), all of them for submitting unauthorised policies (policies written without a client’s consent).
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 August 2008
The following intermediaries were S Referenced for five years:
- Mr. P.O. Moinogu of Durban, Kwa-Zulu Natal
Passport no: A844850 – submitting an unauthorised policy - Mr. J.D.M. Nungari of Durban, Kwa-Zulu Natal
Passport no: A607011 – submitting an unauthorised policy - Ms. V.J.S. Mawela of Soshanguve, Gauteng
ID no: 7410010945081 - submitting an unauthorised policy - Mr. E.B. Ndlovu of Johannesburg, Gauteng
ID no: 5906065777081 - submitting unauthorised policies - Mr. T. Steenkamp of Centurion, Gauteng
ID no: 7305225001086 - submitting an unauthorised policy - Mr. A. Mkiva of Butterworth, Eastern Cape
ID no: 7801035412083 - submitting unauthorised policies - Mr. G. Gachunga of East London, Eastern Cape
Passport no: A350727 - submitting unauthorised policies
