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CR194 Misselling – client not needing RA proceeds at age 70

CR194 Misselling – client not needing RA proceeds at age 70 – adviser recommending two annuities, one funding life cover, the other a 15 year endowment Background When the policyholder reached the age of 70 he did not need the income from his retirement annuity policy. He was still working and also received the income […]

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CR193 Misselling – was advice by agent appropriate – was the investor’s decision informed?

CR193 Misselling – was advice by agent appropriate – was the investor’s decision informed? Background The policyholder, the complainant in this matter, was invested in a smooth bonus portfolio with an insurer when he was approached by an agent of the insurer on turning 55. His investment of R1 201 771 was moved into an […]

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CR150 Misselling – complainant not uninformed.

CR150 Misselling – complainant not uninformed. Background Due to a decline in his capital investment and monthly benefit, the complainant contemplated changing his life annuity investment with the insurer. According to the complainant, a pensioner, he was reliant on this monthly income and sought a safe investment which would grow and not reduce. The insurer […]

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CR149 Misseling – onvanpaste advies – belegging – lewende annuïteit – appèl.

CR149 Misseling – onvanpaste advies – belegging – lewende annuïteit – appèl. Agtergrond Mnr H was ‘n kliënt van A M Makelaars (AM) wat ‘n deelnemende lid van ons skema is. Mnr H het gedurende 1998 so ongeveer R700 000 op advies van AM aangewend om ‘n lewende annuïteit aan te koop. 60% daarvan is […]

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CR148 Misselling

CR148 Misselling – complainant alleges that she could never qualify for one of the benefits provided under the contract and that the policy was therefore incorrectly sold to her. Background The complainant effected a five-year credit assurance contract with the insurance company in November 2003. The contract, which featured the standard 30 day cooling off […]

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CR145 Misselling; misleading marketing material.

CR145 Misselling; misleading marketing material. Background The complainant, a 47 year old teacher, was handed a flyer while she was standing in a bank queue, by a broker in the employ of a brokerage linked to the bank. The flyer read: “WORRIED? OUR EXPERT ADVICE WILL GIVE YOU PEACE OF MIND. DID YOU KNOW? – […]

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CR112 Misselling

CR112 Background During 2000 the policyholder sought advice from a bank on how to invest the R20 000 she received on her husband’s death. She informed the broker that the money was to be invested for her children’s education. On the advice of the broker, the money was invested for 5 years in an offshore […]

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CR109 Misselling – can insurer be held liable on the basis that the policy should never have been issued

CR109 Misselling – can insurer be held liable on the basis that the policy should never have been issued? Background • In 2002 the complainant was 82 years old when he was sold a policy for a 10 year period with a recurring premium of R300 000 per annum by an independent broker. The complainant […]

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CR39 Misselling—instructions misunderstood?

CR39 Misselling—instructions misunderstood? Background The complainant, a divorcee aged 65, had all her pension money invested in the money market. The investment yielded a sufficient amount per month for her upkeep but she became concerned about the lack of capital growth. Because she was totally unskilled in financial matters, she turned to a firm of [...]

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CR38 Misselling – advice to 64 year old to move investments off-shore

CR38 Misselling – advice to 64 year old to move investments off-shore Facts In May 1999 the complainant retired and received a 1/3 lump sum. She invested this together with an inheritance at a bank in a money market account from which she drew an income. In August 2000 the complainant went to the insurer [...]

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