1 reviews | Active since Jun 2019
10X Investment - dishonest, lack of customer service and no payout of transfer
I am frustrated by the lack of service and honest feedback from 10X Investments regarding the partial payment and transfer of my Provident Fund. My documents were submitted by my previous employer to 10X Investments to process my claim and they also made the last contribution towards the Provident Fund. According to the 10X Investment form I signed and was submitted by my previous employer, 10X Investments turnaround time is 14 working days, however when I called 10X Investments during August 2019 to follow-up on my claim I was told that the payout and transfer will take 21 working days, which seemed like a reasonable time to me for 10X Investments to process everything.
However my frustration began 2 weeks ago when I called 10X Investments to check on the status of my claim and I was told that funds were disinvested however "Absa Pension Fund" has not processed the ROT. I then called Absa Pension Fund a week later and they advised that they have not received the ROT from 10X Investments. I then called 10X Investments 3 times last week to check on the progress and I was told a different version of the story, that 10X Investments has not prepared the ROT and has not sent it to my new pension fund, all the Call Centre agents/consultants I spoke to informed me that Iman is the Administrator dealing with my claim. They tried to forward my call to Iman several times last week but each time she did not answer the call and I was told that she is not available but they will call me and Iman will give me proper feedback –which never happened because Iman does not return calls and is not accessible. It is a another week later and I called 10X Investments again this morning, 02 September 2019 and I was told that the ROT is still not prepared and has not been sent to Absa Pension Fund for processing.
I am frustrated and disappointed by the lack of customer service, transparency and honesty from 10X Investments.
The 21 working days has expired, by now the ROT should have been returned and figures sent to SARS for tax calculation but for over 2 weeks my claim was not attended to.
I need progress on my claim and proper feedback in terms of when the processing of the claim and payment will be done.
I received confirmation from the claims administrator that the tax directive application has been submitted. The directive is expected to be received by tomorrow. As soon as we receive the directive, your claim will be finalised. We will keep you updated of the progress.
I received confirmation from the claims administrator that the tax directive application has been submitted. The directive is expected to be received by tomorrow. As soon as we receive the directive, your claim will be finalised. We will keep you updated of the progress.