CMS warns public against Revolution Wealth

On Friday 18 September the CMS (Council of Medical Schemes) issued a public warning pertaining to dealings with Derick Gerber and Revolution Wealth.

“Frederick Thomas Gerber is accredited as a healthcare broker under BR 8143 doing business as Basfour 2511 CC, an accredited entity, under ORG 3871. The name Revolution Wealth is equally linked to Gerber, and the website of Revolution Wealth indicates a relationship between Basfour and Revolution Wealth,” said the Council.

Revolution Wealth

The CMS was recently alerted to the fact that Gerber is said to have advertised financial services and healthcare cover under the name of Revolution Wealth, while the letterhead he is making use of refers to BAS4 Financial Services.

Furthermore, Gerber is not authorised in terms of the Medical Schemes Act, 131 of 1998, to render broker services under any other name than the one he has been registered, accredited and licensed through by the Financial Services Board (FSB).

Despite efforts from the Accreditation Unit at the CMS, Gerber has failed to respond to the concerns raised by the CMS and the directive to stop illegally soliciting business through his Revolution Wealth outlet.

In light of the above, the CMS has been forced to investigate his rectitude as a broker. The matter has also been referred to the FSB (Financial Services Board) for review under the Financial Advisory and Intermediary Services Act.

The CMS reiterated the importance verifying a healthcare broker or advisor through them, should a consumer want to source their healthcare cover through a broker or advisor. You can do this by contacting the CMS through their Customer Care Centre number (0861 123 267) or on the CMS website.