FICA

In July the account The Wide Trust was not operational. I suspected that it was due to the account being frozen due to it needing to be "fica'd" and as is ABSA's practice we were not advised that the account needed to be fica'd. I contacted them and got confirmation and then asked an Enterprise Banker in Claremont to advise what needed to be done. From previous experience you are not advised up front. I was emailed a document which was a very poor photocopy and did not even include the second page which would have created problems later. I then took the trouble to contact John Hawkins at the Blue Route Branch and he kindly provided an email of all the requirements. As there were three trusts in ABSA's books and with their being ten named beneficiaries I decided to do all three at the same time. Some of these beneficiaries are overseas so it is some task. I arranged all the documentation needed and dropped them off with Erwin Knowlden on 19 July. He indicated that it would take three weeks to sort out. I followed up earlier this week and he undertook to phone me back which did not transpire. I followed up again with the branch Manager Paul Forte who promised to get him to phone me back. He did so and advised me that it had not been processed. When I pointed out that it had been a month and was promised that it would be sorted out in three weeks he said there were others ahead of me in the queue????? He also mentioned that there were profiles to be created etc and that it had to be checked. Is that my problem???? When I said that we had not been informed that the account needed to be fica'd which I believe was common courtesy he informed me that ABSA's attitude was that as far as they were concerned the client was told and they would not take any responsibility for this. This sounds very arrogant to me a mere customer who pays for the privilege of having an account. I indicated that at least they could do was to lift the hold while they did what was necessary. He indicated that he had no power to do this and a trust needed to be fica'd every five years and it was our responsibility to monitor this!!!!!! Another arrogant comment. I do not argue with the need for an account to be fica'd which I accept is a legal requirement but it is a bit much that it is up to the client to monitor this. Especially when the Bank have the right to do it within the five year period at their discretion. Notwithstanding this it took ABSA five years to fica a previous trust in their books. Hopefully this will not be the case again. I believe that it is unacceptable for the client to be penalised due to ABSA back office being behind in their work. What would happen if this was a business account which would not be able to trade due to ABSA's arrogance and inefficiency. Is it the Trust's fault that they were not warned and that there is a backlog. I have been patient in not making a fuss up to now but it is the last straw that a month later nothing has been done.