Old Mutual prides itself on its ethical standards, with the Board continuing to review the management of standards and striving to build and sustain an ethical corporate culture within the Group. The number of fraud incidents reported has increased during 2010, primarily as a result of a spike in fictitious policies.
“While the writing of fictitious policies is of concern to the life insurance industry, the good news is that most large financial services companies have dedicated forensic departments that will assist with the speedy investigation and prosecution of advisers submitting fictitious policies. And you will receive a refund of the premiums deducted from your salary or bank account.”
Peter Dempsey, deputy CEO of the Association for Savings and Investment South Africa (ASISA)