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

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