FANews
FANews
RELATED CATEGORIES

Two advisers S Referenced by ASISA in January

02 March 2009 ASISA

During January this year, two financial advisers were S Referenced by the Association for Savings and Investment South Africa (ASISA), both 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 Hearing held in January 2009

The following intermediaries were S Referenced for five years:

*  Mr. N.R. Phiri of Mogwase, North West
ID no: 8312096049086 – submitted an unauthorised policy

*  Mr. B. Makhwenkwe of Mogwase, North West
ID no: 8212155901088 – submitted an unauthorised policy

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