BUSINESS OF INSURANCE: Liberty accused of failing to pay commission
Liberty Holdings has denied the claims by a financial adviser who accused the group for failing to pay his commission for January.
Johan Minnie, a managing executive: client and adviser experience, said that in the absence of the details of the financial adviser who made the allegation or the facts surrounding the alleged non-payment of commission, Liberty could only confirm commission was paid in accordance with the contract entered into with a financial adviser and in line with legislation.
“We are in constant communication with our adviser network, and have channels in place to address any such issues,” Minnie said.
He added that non-payment of commission could arise in a number of instances, which was not limited to non-compliance with regulatory requirements like Fica, FACS and FAIS; where advisers have resigned or retired; a policyholder has instructed Liberty to seize commission and/or fee to adviser; and actual or potential contractual breach.