Executor Experience – Extremely Frustrating and Inconsistent Service

As the legally appointed executor of an estate, I notified JSE Investor Services of the passing of their client and submitted the Letter of Authority from the Master of the High Court, along with all other requested documents.

Initially, they accepted the Letter of Authority and disclosed the deceased's Old Mutual shareholdings. When I followed up to update the share records and proceed with the sale, their response changed completely:

“The Letter of Authority does not reflect the Old Mutual share account on the asset section and could unfortunately not be accepted.”

This is a fundamental misunderstanding of the estate process. Executors are issued Letters of Authority precisely to identify and report assets. Shareholdings, especially ones like these — free allocations from Old Mutual’s demutualisation — often only surface after engagement with share registries.

Every other institution accepted the Letter of Authority without issue. JSE Investor Services’ inconsistency and arbitrary shifting of requirements suggest either poorly trained staff or internal miscommunication. What’s worse, the same document was accepted at first and later rejected.

I have all supporting correspondence. It’s disappointing that at such a sensitive time, institutions like this make an already difficult process even more stressful.

I hope this review prompts JSE Investor Services to revisit their internal procedures and train their staff appropriately.