LG
Louis G
1 reviews | Active since Jan 2023
23 Jan 2023, 15:52
Payout of my moms investment
Never make use of Fedgroup investment company!! My mom passed away about a year and half ago and they still don't want to pay out my moms investment to me and my brother. They even want to see our bank statements...we must give them a financial analysis about our personal financial situation.! Where in your life have you heard about that! They do not have the right to know our financial status at all!! Please do NOT invest there! I do not have time for this money making story any more. Luckily I am taking it further through a lawyer that will help us. They are pathetic!!!
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Fedgroup's replyOfficial
25 Jan 2023, 14:44 Hi Louis,
As a registered financial services provider, it is our fiduciary responsibility to ensure that investor funds are managed responsibly. If an investor passes on, the Executor of the estate is tasked with providing instructions on the distribution of the investment benefit. If, as in this case, the investment has not yet reached maturity, the Executor can transfer the benefit to the beneficiaries of the estate and the beneficiaries then have the choice between having the income paid out or reinvested. Should we receive a request to withdraw the investment funds prior to the maturity date of the investment, even after it has been transferred, we require proof of financial hardship before sending the early withdrawal request to the management committee for review as outlined in our terms and conditions.
This process is in accordance with the Financial Intelligence Centre Act and has been put in place to safeguard our investors’ funds. Unfortunately, without instruction from the executor, we can’t process a withdrawal request.
As a registered financial services provider, it is our fiduciary responsibility to ensure that investor funds are managed responsibly. If an investor passes on, the Executor of the estate is tasked with providing instructions on the distribution of the investment benefit. If, as in this case, the investment has not yet reached maturity, the Executor can transfer the benefit to the beneficiaries of the estate and the beneficiaries then have the choice between having the income paid out or reinvested. Should we receive a request to withdraw the investment funds prior to the maturity date of the investment, even after it has been transferred, we require proof of financial hardship before sending the early withdrawal request to the management committee for review as outlined in our terms and conditions.
This process is in accordance with the Financial Intelligence Centre Act and has been put in place to safeguard our investors’ funds. Unfortunately, without instruction from the executor, we can’t process a withdrawal request.
The Executor contacted us on 2 December 2021 and we supp**** all the forms in order to finalise this matter. We have, to date, not received any instruction from the Executor’s office on how to administer the investment.
By law, we can only take instruction from the appointed Executor and are unable to divulge any information to any other party. We appeal to you to make contact with the Executor so that we can expedite their instructions. Should you be unhappy with this, please contact the Master of the Eastern Cape High Court.
We will continue to reach out to the Executor’s office until this matter is resolved, however, please refer to the Executor for updates in this case.
Fedgroup's reply25 Jan 2023, 14:44
Official
Hi Louis,
As a registered financial services provider, it is our fiduciary responsibility to ensure that investor funds are managed responsibly. If an investor passes on, the Executor of the estate is tasked with providing instructions on the distribution of the investment benefit. If, as in this case, the investment has not yet reached maturity, the Executor can transfer the benefit to the beneficiaries of the estate and the beneficiaries then have the choice between having the income paid out or reinvested. Should we receive a request to withdraw the investment funds prior to the maturity date of the investment, even after it has been transferred, we require proof of financial hardship before sending the early withdrawal request to the management committee for review as outlined in our terms and conditions.
This process is in accordance with the Financial Intelligence Centre Act and has been put in place to safeguard our investors’ funds. Unfortunately, without instruction from the executor, we can’t process a withdrawal request.
As a registered financial services provider, it is our fiduciary responsibility to ensure that investor funds are managed responsibly. If an investor passes on, the Executor of the estate is tasked with providing instructions on the distribution of the investment benefit. If, as in this case, the investment has not yet reached maturity, the Executor can transfer the benefit to the beneficiaries of the estate and the beneficiaries then have the choice between having the income paid out or reinvested. Should we receive a request to withdraw the investment funds prior to the maturity date of the investment, even after it has been transferred, we require proof of financial hardship before sending the early withdrawal request to the management committee for review as outlined in our terms and conditions.
This process is in accordance with the Financial Intelligence Centre Act and has been put in place to safeguard our investors’ funds. Unfortunately, without instruction from the executor, we can’t process a withdrawal request.
The Executor contacted us on 2 December 2021 and we supp**** all the forms in order to finalise this matter. We have, to date, not received any instruction from the Executor’s office on how to administer the investment.
By law, we can only take instruction from the appointed Executor and are unable to divulge any information to any other party. We appeal to you to make contact with the Executor so that we can expedite their instructions. Should you be unhappy with this, please contact the Master of the Eastern Cape High Court.
We will continue to reach out to the Executor’s office until this matter is resolved, however, please refer to the Executor for updates in this case.