Fourteen advisers S Referenced during October

02 December 2008 Association for Savings and Investment South Africa (ASISA)

During October this year 14 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 October 2008

The following intermediaries were S Referenced for five years:

  1. Mr. P. Steenkamp of Belville, Western Cape
    ID no: 7709275050085 – submitted an unauthorised policy
  2. Mr. G. Felix of Perridgeville, Western Cape
    ID no: 6901205111084 – misappropriation of funds
  3. Mr. H. Sotshononda of Amalinda, Eastern Cape
    ID no: 5910135889082 - submitting unauthorised policies
  4. Ms. N.M. Dunge of Rossburgh, Kwa-Zulu Natal
    ID no: 4810060557087 – submitting unauthorised policies
  5. Mr. N.R. Letswalo of Atteridgeville West, Gauteng
    ID no: 7107106029081 - submitted an unauthorised policy
  6. Mr. S.D. Mahlaba of Umlazi, Kwa-Zulu Natal
    ID no: 7405085858086 - submitted an unauthorised policy
  7. Mr. H.P. Makgotla of Diepkloof, Gauteng
    ID no: 5504105743088 - submitting unauthorised policies
  8. Mr. R. Naicker of Pietermaritzburg, Kwa-Zulu Natal
    ID no: 8011075230085 - submitting unauthorised policies
  9. Mr. S. Govender of Pietermaritzburg, Kwa-Zulu Natal
    ID no: 7605195231088 - misappropriation of funds
  10. Mr. E.L. Mona of Bushbuck Ridge, Limpopo
    ID no: 8311185560086 – submitted an unauthorised policy
  11. Ms. H.C. Meludi of Daveyton, Gauteng
    ID no: 8111120524084 - submitted an unauthorised policy
  12. Mr. M.E. Maota of Mmabatho, North West
    ID no: 7403305677089 - submitted an unauthorised policy
  13. Mr. B.H. Kekae of Nylstroom, Northern Province
    ID no: 7709155744088 - submitting unauthorised policies

The following intermediary was S Referenced for three years:

Mr. H.G. Fourie of Pretoria, Gauteng
ID no: 7611235053086 - submitting unauthorised policies

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