Protecting Momentum Insurance

My complaint to the FAIS ombudsman against Momentum Insurance on many issues, the main complaint being that Momentum Insurance supp**** Universal Life policies labelled Whole Life policies to me in 1991. FSAC insists that Universal Life policies are Whole life policies despite me suppling them many articles explaining that Universal Life policies are not Whole Life policies. I even supp**** court findings on Incorrect Labelling that are Misleading to Consumers. The small claims commissioner, a former deputy FAIS ombudsman, who sent the complaint to FAIS & The Long-Term ombudsman agreed that there are three types of life policies & that Universal Life policies are not Whole Life policies. A blind man can see that they are protesting Momentum Insurance. FAIS refuse to address the many very important regulatory failures by Momentum Insurance as ffl;_

1. General duty of provider 2. A provider must at all times render financial services honestly, fairly, with due skill, care and diligence, and in the interests of clients and the integrity of the financial services industry.

2.The provider must take reasonable steps to ensure that the client understands the advice & that the client is in a position to make an informed decision. Full disclosure of all information needed to assist the client to make an informed decision. In case of an insurance product in respect of which provision is made for increase of premiums, the amount of the increased premiums for the first five years & thereafter on a five-year basis but not exceeding twenty years. 3.Intermediary agreements 12.2.1 An insurer may only enter into an intermediary agreement with an intermediary where – (a) in the case of an independent intermediary, that person has been licensed as a financial services provider and authorized to render financial services in respect of the policies offered by the insurer in accordance with section 8 of the FAIS Act, and the insurer has taken reasonable steps to satisfy itself that the independent intermediary and, Where applicable, any persons rendering services as intermediary on the independent intermediary’s behalf, meet the FAIS product knowledge competency requirements in respect of the policies offered by the insurer.

All the above clearly reflect that FAIS is protecting Momentum Insurance.