Prudential Life Dealers License Revoked

Planholders of Prudential Life flocked their office asking for refunds as soon as they learned from the Securities and Exchange Commission (SEC) that the company's dealers license have been revoked.

However, SEC Chairwoman Fe Barin clarifies that SEC only terminates Prudential Life from selling of new plans to the public. In an interview with dzXL radio she said: " Ang pagkaka-revoke ng dealer’s license nangangahulugang wala silang lisensya na magbenta. Ang lahat na preneed companies kailangan registered bago makapagbenta ng plan. Hihinto sila sa pagbebenta. Yung iniisip ng ating kababayan mag-worry kung ano ang mangyayari sa binili nila natural lang yan. Una, ang fully paid na patuloy ang pag-avail at seserbisyuhan ng Prudential,"

When asked as to why the Prudential Life's licensed have been revoked: "May kakulangan ang kanilang trust fund sa pangmahabang panahon pero sa kasalukuyan liquid pa sila at meron silang isasagot sa mga sumisingil [They have potential problems with their trust fund in the long term. But at present they are liquid and they can afford to service existing preneed plans]," she answered.

“Hindi dahil na-revoke ang license nila ang kakulangan wala na, i-enforce pa yan ... Yan ang inaagapan naming kaya namin ni-revoke ang dealer’s license ... patuloy naming ine-examine yan," she added.


In My Opinion:
It is about time that the government starts to protect the public from these kind of crisis to further minimized the losses of ordinary income earners. Marami ring naging biktima ang CAP and Pacific Plans wherein a lot planholders vision's a bright future for them and their children but when the time came to received the money, the pre-need companies can no longer give their commitments.