ABSA- WATCH OUT ....they ***** from your investment!!!

In 2007 I invested in one of their pension funds.

Their in-house adviser at the time pocketed in excess of R 17000 upfront (on behalf of the institution) and never contacted me again thereafter, let alone manage or help me with any advice.

Upon contacting Absa last year, regarding a query , I found out that my initial broker had left the company twelve years prior (just after pocketing my 17K) and that no broker had been assigned to me since.

Let it be known (from the horse's mouth) that ABSA have known about the flaw in their system BUT NEVER DID ANYTHING TO RECTIFY IT!. Obviously because they were making money off it and didn't want to have to pay back what they had already unduly taken. No broker service notwithstanding, ABSA carried on charging for broker services (and pocketing the charges) for the following twelve years In excess of R50.000......before tax and interest).

I can only imagine how many more clients have been ********** in the same fashion, since any given broker has anything between 50 and 70 clients on their portfolios?

I subsequently requested a meeting with the regional manager ANDRE' LAGRANGE. (Mobile: 0 79 ********** Email: ********** During the meeting he fully agreed with my rather reasonable expectations of a full refund of unwarranted charges and loss of compounded interest.

The total amount (before interest) unduly deducted from my investment to date totals R 50,607.38 (supp**** by JETHASHA SINGH Dispute Resolution Consultant at ABSA T +27 11 ********** M +27 64 ********** ).

The information regarding my investment, that I have received to date, including the less-than-exhaustive quarterly statements, has been altogether grossly insufficient.

So, thanks to: - ABSA’s broker’s biased advice based on pushing a “in-house” product, - Broker’s negligence/disappearance after pocketing R 17700 upfront for peddling the product. - ABSA’ s failure to allocate a substitute - Substantial reduction of compounded year-on -year investment value due to unduly deducted monthly broker charges. My investment grossly underperformed and my pension fund is left to suffer.

Dealing with ABSA has been a trying experience from the moment I pointed out that there was a serious problem that needed addressing. What they have been perpetrating is simply corporate theft. They asked me to submit a request for them to investigate. I did but I had to prompt them every step of the way. Eventually, after being sent from pillar to post, and after endless telephone calls, I received a communication this morning from JACQUES LOWRENS - CFP -Senior Portfolio Manager (T +27 11 ********** - M +27 82 ********** ). The letter clearly shows a total ignorance of the facts submitted, incorrect information, wrong timelines and most of all an attempt at getting away with theft. Their settling offer of R12 614.83 is 25% of the amount they have literally ****** from my investment and that’s without interest and compensation. An insult, really. Since this is clearly their modus operandi , I’ m 100% positive they have tried or are trying to get away with it with quite a number of clients. It is reprehensible that a financial institution should be allowed to jeopardize the health of funds that people count on for their retirement.

Do not trust this financial institution.