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Determination: Hendrik Everhardus Grundling Du Preez vs Ernest Venter ta Ernest Venter Makelaars

07 September 2020 Office of the Ombud for Financial Services Providers

The complete determination can be viewed on our website at www.faisombud.co.za

Mr Hendrik Du Preez, an 87-year-old farmer, whose full details are on file with this Office, lodged a complaint against Ernest Enter t/a Ernest Venter Makelaars, an Authorised Financial Services Provider, (FSP) with license number 15127. This license however only authorised the respondent to sell category 1 (one) financial products. This means he was not licensed to sell the Sharemax product, nor is there any evidence on record that he acted as a representative in terms of section 13 of the Act. (Most of the brokers who sold Sharemax were section 13 representatives of USSA. If the respondent was such a representative, he did not disclose it to the complainant nor does he say how he was supervised in selling these products. If the respondent was not a representative then he acted illegally in selling the Sharemax product in terms of Section 7 of the FAIS Act.)

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