Fourteen advisers S Referenced during October
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:
- Mr. P. Steenkamp of Belville, Western Cape
ID no: 7709275050085 – submitted an unauthorised policy - Mr. G. Felix of Perridgeville, Western Cape
ID no: 6901205111084 – misappropriation of funds - Mr. H. Sotshononda of Amalinda, Eastern Cape
ID no: 5910135889082 - submitting unauthorised policies - Ms. N.M. Dunge of Rossburgh, Kwa-Zulu Natal
ID no: 4810060557087 – submitting unauthorised policies - Mr. N.R. Letswalo of Atteridgeville West, Gauteng
ID no: 7107106029081 - submitted an unauthorised policy - Mr. S.D. Mahlaba of Umlazi, Kwa-Zulu Natal
ID no: 7405085858086 - submitted an unauthorised policy - Mr. H.P. Makgotla of Diepkloof, Gauteng
ID no: 5504105743088 - submitting unauthorised policies - Mr. R. Naicker of Pietermaritzburg, Kwa-Zulu Natal
ID no: 8011075230085 - submitting unauthorised policies - Mr. S. Govender of Pietermaritzburg, Kwa-Zulu Natal
ID no: 7605195231088 - misappropriation of funds - Mr. E.L. Mona of Bushbuck Ridge, Limpopo
ID no: 8311185560086 – submitted an unauthorised policy - Ms. H.C. Meludi of Daveyton, Gauteng
ID no: 8111120524084 - submitted an unauthorised policy - Mr. M.E. Maota of Mmabatho, North West
ID no: 7403305677089 - submitted an unauthorised policy - 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
