JL
Jeremy L
1 reviews | Active since Mar 2009
11 Apr 2020, 16:33
No FICA for permanent residents?!
After being an Old Mutual ELRAF client for years and then later investing in tax free savings accounts through 22Seven, I am now being told they can’t FICA me as a permanent resident. And in the midst of C19 disruption requesting me to remove my funds making me suffer huge losses. How does that make sense?
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Replies (3)
22seven's replyOfficial
14 Apr 2020, 10:52Hi Jeremy. When you open an investment through 22seven there's a checkbox asking you to confirm you're a South African citizen. You aren't able to open an investment without declaring this, as we can't offer investments to non-SA citizens due to additional legal requirements. Sorry about that.
22seven's reply14 Apr 2020, 10:52
Official
Hi Jeremy. When you open an investment through 22seven there's a checkbox asking you to confirm you're a South African citizen. You aren't able to open an investment without declaring this, as we can't offer investments to non-SA citizens due to additional legal requirements. Sorry about that.
JL
Jeremy L's updateReviewer Update
17 Apr 2020, 11:50For a company backed and owned by Old Mutual, this makes absolutely no sense.Especially as I was previously a long standing client of Old Mutual. I could maybe understand that for someone on a temporary visa but not for a permanent resident. I believe it is being escalated internally but it is a tad nonsensical and demonstrates an overly conservative compliance culture..
Cf https://cenfri.org/publications/conservative-compliance-behaviour-in-south-africa/
Cf https://cenfri.org/publications/conservative-compliance-behaviour-in-south-africa/
JL
Jeremy L's update17 Apr 2020, 11:50
Reviewer Update
For a company backed and owned by Old Mutual, this makes absolutely no sense.Especially as I was previously a long standing client of Old Mutual. I could maybe understand that for someone on a temporary visa but not for a permanent resident. I believe it is being escalated internally but it is a tad nonsensical and demonstrates an overly conservative compliance culture..
Cf https://cenfri.org/publications/conservative-compliance-behaviour-in-south-africa/
Cf https://cenfri.org/publications/conservative-compliance-behaviour-in-south-africa/
22seven's replyOfficial
17 Apr 2020, 13:0922seven is owned by Old Mutual, but we operate as a separate, independent company. There's additional legal requirements and information we need to collect to offer investments to non-citizens, which we unfortunately determined wasn't in line with our goals when designing our investing process.
22seven's reply17 Apr 2020, 13:09
Official
22seven is owned by Old Mutual, but we operate as a separate, independent company. There's additional legal requirements and information we need to collect to offer investments to non-citizens, which we unfortunately determined wasn't in line with our goals when designing our investing process.