Charges for keeping your premium the same
Been invested with Momentum for several years to which I have kept my premium the same over the past couple of years as I was content with my contributions.
The past 2 years they have charged me R200 for "cancelling the annual premium increase" i.e. wanting my premiums to remain the same.
I was advised a few years back that I will only be charged an administration fee should I decide to decrease my premium
This is such poor behavior from them... looking at making money at every cornet they can.
In addition to this I queried what the administration and advice fees are considering I can ABSOLUTELY NO advice from my financial advisor and received no response.
Another corporate *****ing over investors just to line-up their bonuses and salary increase sleeves!!!
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Momentum (SA)'s replyOfficial
14 Jan 2022, 10:26Your posting has been noted.
The application form (including the application declaration and terms and conditions included in the form) together with the certificate (including the document explaining the investment contract) issued at inception, forms the basis of the agreement between yourself and Momentum. For reference purposes I will forward these documents to you via email. I am truly sorry if you feel aggrieved by the alteration fee charged, however these fees were disclosed at inception.
On investigation I found that you app**** for a certain initial savings term with an annual certain percentage contribution growth. Hence you agreed to contribute the applicable contributions for the applicable savings term. By cancelling the annual contribution growth, you requested a negative alteration and in accordance with the investment contract, an administration fee will apply, as noted in your investment document issued at inception. When signing the application form you declared the following: “I acknowledge and accept that this application form is subject to the Investo terms and conditions as at the date of signature of the application form. I confirm that I have carefully read and have understood the Investo terms and conditions and agree to be bound by them.” The following is noted under the ‘Changes and alterations’ section of the investment contract: “Changing contribution growthYou may add contribution growth or change the percentage by which the contribution increases, subject to the minimum and maximum percentages allowed. An alteration fee may be charged on decreasing or removing contribution growth.” You also noted your concerns relating to the commission paid on your behalf to your financial adviser from this investment contract as well as the lack in service received from the noted financial adviser. Since application stage and inception of this investment, you have been making use of the services of an independent financial adviser. The commission would have been negotiated between yourself and your financial adviser when you app**** for this investment.
When signing the application form you declared the following: “I confirm that my financial adviser may receive an ongoing advisory fee, as indicated in this application form, per year on the value of the investment funds. I understand that all ongoing fees are payable on a monthly basis.” I would therefore suggest that you approach your independent financial adviser or the brokerage employing him to discuss the lack in service and ongoing advisory fees on this investment contract. Unfortunately Momentum does not have any control or influence over the conduct of independent financial advisers.
I trust this information has provided you with some additional insight into the investment contract you purchased.
Kind regards
CK
The application form (including the application declaration and terms and conditions included in the form) together with the certificate (including the document explaining the investment contract) issued at inception, forms the basis of the agreement between yourself and Momentum. For reference purposes I will forward these documents to you via email. I am truly sorry if you feel aggrieved by the alteration fee charged, however these fees were disclosed at inception.
On investigation I found that you app**** for a certain initial savings term with an annual certain percentage contribution growth. Hence you agreed to contribute the applicable contributions for the applicable savings term. By cancelling the annual contribution growth, you requested a negative alteration and in accordance with the investment contract, an administration fee will apply, as noted in your investment document issued at inception. When signing the application form you declared the following: “I acknowledge and accept that this application form is subject to the Investo terms and conditions as at the date of signature of the application form. I confirm that I have carefully read and have understood the Investo terms and conditions and agree to be bound by them.” The following is noted under the ‘Changes and alterations’ section of the investment contract: “Changing contribution growthYou may add contribution growth or change the percentage by which the contribution increases, subject to the minimum and maximum percentages allowed. An alteration fee may be charged on decreasing or removing contribution growth.” You also noted your concerns relating to the commission paid on your behalf to your financial adviser from this investment contract as well as the lack in service received from the noted financial adviser. Since application stage and inception of this investment, you have been making use of the services of an independent financial adviser. The commission would have been negotiated between yourself and your financial adviser when you app**** for this investment.
When signing the application form you declared the following: “I confirm that my financial adviser may receive an ongoing advisory fee, as indicated in this application form, per year on the value of the investment funds. I understand that all ongoing fees are payable on a monthly basis.” I would therefore suggest that you approach your independent financial adviser or the brokerage employing him to discuss the lack in service and ongoing advisory fees on this investment contract. Unfortunately Momentum does not have any control or influence over the conduct of independent financial advisers.
I trust this information has provided you with some additional insight into the investment contract you purchased.
Kind regards
CK
Momentum (SA)'s reply14 Jan 2022, 10:26
Official
Your posting has been noted.
The application form (including the application declaration and terms and conditions included in the form) together with the certificate (including the document explaining the investment contract) issued at inception, forms the basis of the agreement between yourself and Momentum. For reference purposes I will forward these documents to you via email. I am truly sorry if you feel aggrieved by the alteration fee charged, however these fees were disclosed at inception.
On investigation I found that you app**** for a certain initial savings term with an annual certain percentage contribution growth. Hence you agreed to contribute the applicable contributions for the applicable savings term. By cancelling the annual contribution growth, you requested a negative alteration and in accordance with the investment contract, an administration fee will apply, as noted in your investment document issued at inception. When signing the application form you declared the following: “I acknowledge and accept that this application form is subject to the Investo terms and conditions as at the date of signature of the application form. I confirm that I have carefully read and have understood the Investo terms and conditions and agree to be bound by them.” The following is noted under the ‘Changes and alterations’ section of the investment contract: “Changing contribution growthYou may add contribution growth or change the percentage by which the contribution increases, subject to the minimum and maximum percentages allowed. An alteration fee may be charged on decreasing or removing contribution growth.” You also noted your concerns relating to the commission paid on your behalf to your financial adviser from this investment contract as well as the lack in service received from the noted financial adviser. Since application stage and inception of this investment, you have been making use of the services of an independent financial adviser. The commission would have been negotiated between yourself and your financial adviser when you app**** for this investment.
When signing the application form you declared the following: “I confirm that my financial adviser may receive an ongoing advisory fee, as indicated in this application form, per year on the value of the investment funds. I understand that all ongoing fees are payable on a monthly basis.” I would therefore suggest that you approach your independent financial adviser or the brokerage employing him to discuss the lack in service and ongoing advisory fees on this investment contract. Unfortunately Momentum does not have any control or influence over the conduct of independent financial advisers.
I trust this information has provided you with some additional insight into the investment contract you purchased.
Kind regards
CK
The application form (including the application declaration and terms and conditions included in the form) together with the certificate (including the document explaining the investment contract) issued at inception, forms the basis of the agreement between yourself and Momentum. For reference purposes I will forward these documents to you via email. I am truly sorry if you feel aggrieved by the alteration fee charged, however these fees were disclosed at inception.
On investigation I found that you app**** for a certain initial savings term with an annual certain percentage contribution growth. Hence you agreed to contribute the applicable contributions for the applicable savings term. By cancelling the annual contribution growth, you requested a negative alteration and in accordance with the investment contract, an administration fee will apply, as noted in your investment document issued at inception. When signing the application form you declared the following: “I acknowledge and accept that this application form is subject to the Investo terms and conditions as at the date of signature of the application form. I confirm that I have carefully read and have understood the Investo terms and conditions and agree to be bound by them.” The following is noted under the ‘Changes and alterations’ section of the investment contract: “Changing contribution growthYou may add contribution growth or change the percentage by which the contribution increases, subject to the minimum and maximum percentages allowed. An alteration fee may be charged on decreasing or removing contribution growth.” You also noted your concerns relating to the commission paid on your behalf to your financial adviser from this investment contract as well as the lack in service received from the noted financial adviser. Since application stage and inception of this investment, you have been making use of the services of an independent financial adviser. The commission would have been negotiated between yourself and your financial adviser when you app**** for this investment.
When signing the application form you declared the following: “I confirm that my financial adviser may receive an ongoing advisory fee, as indicated in this application form, per year on the value of the investment funds. I understand that all ongoing fees are payable on a monthly basis.” I would therefore suggest that you approach your independent financial adviser or the brokerage employing him to discuss the lack in service and ongoing advisory fees on this investment contract. Unfortunately Momentum does not have any control or influence over the conduct of independent financial advisers.
I trust this information has provided you with some additional insight into the investment contract you purchased.
Kind regards
CK