Before using a financial adviser, it is worth checking if he or she has been ”S-referenced” by the Life Office’s Association (LOA). The system aims to protect consumers from advisers who are considered unfit to be marketing the products of the long-term-insurance industry. The system is one of self-regulation operated by the LOA.
In March this year, the LOA S-referenced 23 financial advisers. One adviser was S-referenced for misrepresentation, while the remaining 22 were S-referenced for submitting fictitious policies. In addition to being S-referenced for submitting fictitious policies, one of the 22 advisers was also found guilty of misappropriation of a client’s money and another of misrepresentation.
Participants in the S-reference system will not employ, accept new business from, or pay commission to an S-referenced financial adviser. S-referenced persons may also not be employed in a position that allows them control over advisers or their training.
An S-reference can be imposed upon an adviser for up to three to five years. After the expiry of this period, the S-reference will lapse.
The following advisers were all S-referenced for a period of five years.
Results of the S-reference hearings held in Pretoria during March
1. Ms Degracia Baloyi of Dobsonville, Gauteng
ID: 600523 0638 085 — submitting a fictitious policy
2. Ms Ntombifuthi P Ngcobo of Dobsonville, Gauteng
ID: 820306 0232 081 — submitting a fictitious policy and misappropriation of a client’s money
3. Ms Victoria T Makati of Pimville, Gauteng
ID: 580414 0881 087 — submitting fictitious policies
4. Mr Francois G M Wiid of Potchefstroom, North West
ID: 771107 5050 083 — submitting fictitious policies
5. Ms Welheminah Mahlo of Hammanskraal, Mpumalanga
ID: 81063 0036 6082 — submitting a fictitious policy
6. Ms Nonhlanhla N Msweli of Springs, Gauteng
ID: 700424 0462 080 — submitting a fictitious policy
7. Mr Satish Rampershad of Amanzimtoti, KwaZulu-Natal
ID 620911 5183 080 — submitting fictitious policies
8. Mr Nick Mavrodaris of Westville, KwaZulu-Natal
ID: 500626 5115 081 — submitting fictitious policies
9. Mr Abraham G Reeners of Queenstown, Eastern Cape
ID: 771222 5158 081 — submitting fictitious policies
10. Ms Hemlata Vallabh of Sandton, Gauteng
ID: 730313 1261 084 — submitting fictitious policies
11. Ms Johanna C Theron of Pietermaritzburg, KwaZulu-Natal
ID: 610411 0055 088 — misrepresentation and submitting fictitious policies
12. Ms Ntebo M Kgaratsi of Phokeng, Mpumalanga
ID: 681213 0711 080 — submitting fictitious policies
13. Mr Jonas M Komako of Senoane, Gauteng
ID: 800104 6383 089 — submitting fictitious policies
14. Mr Nceba Didiza of Flagstaff, KwaZulu-Natal
ID: 730303 6985 084 — submitting fictitious policies
15. Ms Chioma DD Okoro of Radiokop, Gauteng
ID: 780711 0648 087 — submitting fictitious policies
16. Mr Zongezile J Nyathela of Vanderbiljpark, Gauteng
ID: 501228 5681 086 — submitting fictitious policies
17. Mr Olabod A Fadulu of Cresta, Gauteng
ID: 680329 5628 185 — submitting fictitious policies
18. Mr Gerhard Fourie of North Riding, Gauteng
ID: 781118 5027 086 — submitting fictitious policies
Results of the S-reference hearings held in Cape Town during March
1. Mr Xoliswa S Nondumo of Motherwell, Eastern Cape
ID: 601220 0584 083 — submitting fictitious policies
2. Mr Gqibelo Jolobe of King Williams Town, Eastern Cape
ID: 640919 5081 085 — submitting fictitious policies
3. Ms Thembisa M Deki of Port Elizabeth, Eastern Cape
ID: 670916 0719 084 — misrepresentation
4. Mr Rudolf Malgas of Upington, Northern Cape
ID: 820130 5377 083 — submitting fictitious policies
5. Mr Mvuyisi T Klaas of Khayelitsha, Western Cape
ID: 701124 5778 089 — submitting fictitious policies
The LOA has implemented an enquiry mechanism on its website that enables consumers to determine whether a particular financial adviser has been S-referenced.
More information on the S-reference system is available on the LOA website under ”Code of Conduct — Chapter 8”.