FNB Estate Executor services - Fiduciary Services

My frustration at the sheer lack of communication and competence in the Estate services provided by FNB Fiduciary (Estate) Services in Menlyn, Pretoria has led to this review and post. My father died in July 2023 at age 83. Assets were: his bank account (held at FNB), which contained his GEPF pension, 50% of the house in a retirement estate owned jointly by my parents and a small annuity that was paid into the estate after death. The Executor appointed by the Master's office stopped communicating with us sometime in February 2024. By then, only the final SARS assessment from 1 March 2024 to DOD needed to be actioned by FNB Tax practitioners, followed by the SARS clearance of the Estate. Communications to the appointed Executor remained unanswered, and emails escalated to the Deceased Estate Manager and Regional Head from Feb remained unanswered until 10/05 when we were told the appointed Executor had left FNB at the end of Feb and a new Executor had to be appointed. STRIKE 1. On the same day, we finally received an email introduction to an estate specialist who would be our new point of contact. By 13/05 the only movement we had was an email stating that the GEPF IRP5 for the tax year 2023/2024 was outstanding. My brother asked for a reconciliation of the estate funds and disbur*****ts. By 03/06 this was still not available. STRIKE 2 I made an appointment to see the Estate Specialist and, hopefully, the new Executor, in-person at the FNB offices on 6/06. Only the Estate Planner attended the meeting, full of apologies, excuses and promises. STRIKE 3 I emailed the GEPF IRP5 document to the Estate Specialist right after the meeting on 6/06. By this time my brother wanted to apply to the Master's Office to have the Executorship moved from FNB to another institution No communication followed so I emailed the IRP5 document again on 18/06 and on 06/07. Again, no communication until 8/07 when I was told the IRP5 had been forwarded to the accountants. On 31/07, in response to a request for an update, I was sent the following message: Please note that SARS is still in the process to audit the estate and as mentioned previously, this is a timeous exercise which can take an undisclosed amount of time to finalise and we are very dependent on SARS. Our accountants are attending to the outstanding Income Tax matters and will provide you with feedback upon the progress herein.

By now I am out of strikes! On 6/09, having heard absolutely nothing in 6 weeks, I emailed the Regional Head with the Estate Manager in copy. I stated that: if no communication was received within 7 days, I would share my story on social media and Hello Peter. I really wanted an answer to this debacle from him. Once again, the response came from the Estate Specialist saying: We do understand your frustration and please note that your input is very valuable to us. We will provide you with feedback as soon as possible.

On 10/09, we finally had an email with a proper update. The 2024 Tax assessment was completed on 09/09 (imagine that, 3 days after my complaint to the Regional Head!) On 12/09, a further email was sent saying that SARS could not verify the bank account details provided, so a specific estate late business account was opened where SARS could transfer his assessment refund. Please bear in mind that my father's bank account, held at FNB was closed by FNB after his death, and the accountants/tax people would have had to confirm the bank details on the assessment. My email response to all 3 FNB staff members, communicated my utter disbelief with the process. One reply was received on Friday 13/09: We acknowledge receipt of your email. Kindly allow us the opportunity to investigate and revert back to you in this regard. As of today, not another word. I am so glad we made the decision to move the executorship of my mother's will to Sanlam Financial Services. Am I wrong in believing that FNB owes a discount on the Administration fee of 3.5% of this estate? Not likely to happen of course. Never again will I recommend FNB as a service provider for Estate Services.