BN
Busisiwe Ngubane-Webster

1 reviews | Active since Jul 2018

24 Jul 2018, 10:19

Organisational Dysfunction

I am deeply displeased with 10x Investment's service.

All the documents were submitted on my last day of employment 31 May 2018. It is now 24 July 2018 and I am still waiting for the transfer to my new fund to be completed.

I have spoken to various consultants and I've also found myself having to call in everyday for an update on my claim.

I have had countless consultants promise to call back with a detailed update but I find myself having to be the one to call in on a daily basis.

The last update received was that the tax directive came back to 10x with no issues and that payment has been loaded.

What frustrates me is that I am now being told the payment is awaiting approval and then authorisation from team leaders/supervisors who only ever seem to show up to work to attend meetings all day and neglect their duties to approve and authorize payments. Is this how we run companies these days?

Turnaround times are never adhered to and call backs are hardly ever given dispite the promises made by each consultant I have spoken to.

This is terrible service from an organisation claiming to be professional in its nature of business. As a financial advisor and investment specialist I will not be recommending or considering 10x for any of my clients and wish to no longer have any dealings or interactions with 10x once this transfer is complete.

I have never been one to complain but I have been driven to the point of no return thanks to the unprofessional and absolutely disgusting service received from 10x Investments.

I would like this matter finalized as soon as possible. The sooner I can cut ties with your organisation the better for me.

I am appalled and simply cannot believe that an organisation would be alright with telling their clients that people are in meetings all day with no regard for the administrative duties involved in keeping organisations running. This has simply proven to me that business is not to be entered into with an organisation like this.

Here's to hoping this complaint actually catches your attention long enough to actually have something done about this.

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Replies (4)
10x Investments
10x Investments's reply24 Jul 2018, 10:27
Official

Good morning Boosie353

I am investigating your complaint and will provide you with detailed feedback by this afternoon.

Sincerely

Michelle de Jager

Best regards,

BN
Busisiwe Ngubane-Webster's update24 Jul 2018, 15:37
Reviewer Update
I am still awaiting detailed feedback from you. This has become the typical expected behavior from 10x. I have had to call in myself now to find out the progress of the claim. May the person(s) responsible for authorizing and approving payments please remember to do their job. Meetings all day is not how we service clients in any organisation. Can you guys sort yourselves out and cut out this very unprofessional and ridiculous behavior now.
10x Investments
10x Investments's reply24 Jul 2018, 16:02
Official

Good afternoon Boosie353

The claims team have provided information regarding your claim.

The fund value was disinvested on the 04 July 2018. The perceived delay in the process was due to your employer fund that had transferred to the 10X Umbrella Fund, and the final assets had to be received and invested before any claims could be paid to members. This was finalised at the end of June 2018. Your election to transfer a portion of your fund benefits to your new fund had the further requirement that the receiving fund had to complete and sign the confirmation of transfer form ("Recognition of Transfer"), and send this to us before we were permitted to proceed with your claim. This form was received back on the 13th July 2018.

We app****, and received a tax directive from SARS, on the 20 July 2018, and the payment as indicated on your claim form has been authorised for payment today. You will receive your exit communication from 10X Umbrella Fund within the next day.

Please let me know if there is any further information you might require.

Regards

Michelle de Jager

Best regards,

BN
Busisiwe Ngubane-Webster's update24 Jul 2018, 16:13
Reviewer Update
Hi Michelle, Thank you for the response as well as the call received prior to this message being sent. I am happy to conclude my dealings with 10x investment. Thank you for your time and efforts at getting this matter resolved.