1 reviews | Active since Apr 2015
Momentum Insurance unsolicited and uncalled for politically motivated questions
<p>I wish to bring it to your attention about my unsolicited and uncalled politically motivated responses from two of their agents I got from Momentum Insurance when I wished to increase my monthly RA Policy for myself and wife by an extra R500.00 per month and here is the the correspondence below, thanks.</p> <p> </p> <p>Dear Leon</p> <p>Thank you for your e-mail of 17 July 2017.<br />We would like to confirm that we received your premium increase request. We require the following in order to process the request.</p> <p>- Confirmation if you are politically exposed or not. This means do you or any of your blood relatives hold a prominent position in the government where by you have access to government funds or do you have influence over some one that has.<br />- Confirmation of source of income. If its salary, please confirm the company name you are working for, if its business please confirm the name and nature of the business.</p> <p>In order to increase the premium for your wife, we will require an instruction that comes directly from her.</p> <p>We will proceed once the above is received.</p> <p>For your financial wellness.</p> <p><br />Please contact us on weekdays from 07:00 to 19:00 for further information. <br />You can also visit us at www.momentum.co.za to update your details, view your contract information and find other useful tools to help you with your financial planning.</p> <p>Web www.momentum.co.za<br />ShareCall number ***<br />Telephone number +2 ********** <br />Fax number +2 ********** <br />Email address ********** <p>Kind regards</p> <p>Thobeka Nkosi<br />Momentum</p>
I appreciate you raising your concerns with us. We have referred this matter to the relevant department and I can assure you that a manager will contact you.
Kind Regards
Qhakazile
Customer Relations Team
I appreciate you raising your concerns with us. We have referred this matter to the relevant department and I can assure you that a manager will contact you.
Kind Regards
Qhakazile
Customer Relations Team
Dear Mr White,
Accountable institutions, such as Momentum, have specific obligations in terms of the FICA Act. One such obligation is to implement know-your-client (KYC) according to Section 21 & 22 of the Act. KYC for a Retirement Annuity policy is confirmation of source of income/funds and PEP status (politically exposes person).
Although I take note of your objection to the requirements set by our call centre for these two requirements, unfortunately Momentum may not legally exercise your request to increase your debit orders unless you have supp**** us with the answers, as this would be contravening the Act.
Please accept my apology for the manner that the requirements were asked - I acknowledge that the agent could have explained the reason for asking the questions in the email sent. Your feedback is valuable, and I will ensure that the matter is brought to the attention of our service managers to discuss with the agents to better set such requirements in the future.
As discussed telephonically, we will not be able to finalize your alteration to the policies until the relevant KYC requirements have been received.
Kind regards,
N D'Arch
Dear Mr White,
Accountable institutions, such as Momentum, have specific obligations in terms of the FICA Act. One such obligation is to implement know-your-client (KYC) according to Section 21 & 22 of the Act. KYC for a Retirement Annuity policy is confirmation of source of income/funds and PEP status (politically exposes person).
Although I take note of your objection to the requirements set by our call centre for these two requirements, unfortunately Momentum may not legally exercise your request to increase your debit orders unless you have supp**** us with the answers, as this would be contravening the Act.
Please accept my apology for the manner that the requirements were asked - I acknowledge that the agent could have explained the reason for asking the questions in the email sent. Your feedback is valuable, and I will ensure that the matter is brought to the attention of our service managers to discuss with the agents to better set such requirements in the future.
As discussed telephonically, we will not be able to finalize your alteration to the policies until the relevant KYC requirements have been received.
Kind regards,
N D'Arch
I do not buy that argument or notion of exposed politically as I have been a client since 1986 and those type of questions is uncalled for and unsilicited and thus irrelevant to my person. Firstly, and strangely my wife works for Nedbank and has no knowledge about this socalled Act or its implementation when one wants to increase a retirement annuity with only R500.00 PM and with me just 3 years from retirement age. Secondly, when I contacted Old Mutual the financial advisor responses was exactly the same as Nedbank and he had no problem with me reverting my RA Policy to Old Mutual without having to rspond to those politically motivated questions. Hence I am cancelling my policies with Momentum asap and moving both mine and my wife's RA Policies to Old Mutual as I feel that my character and integrity has been called into question even after receiving a phone call call one of their reps who was very oncompromising and sticking to her company's policy giving no inch irrespective of my objections and it is very clearly stated in her correspondence above.
I do not buy that argument or notion of exposed politically as I have been a client since 1986 and those type of questions is uncalled for and unsilicited and thus irrelevant to my person. Firstly, and strangely my wife works for Nedbank and has no knowledge about this socalled Act or its implementation when one wants to increase a retirement annuity with only R500.00 PM and with me just 3 years from retirement age. Secondly, when I contacted Old Mutual the financial advisor responses was exactly the same as Nedbank and he had no problem with me reverting my RA Policy to Old Mutual without having to rspond to those politically motivated questions. Hence I am cancelling my policies with Momentum asap and moving both mine and my wife's RA Policies to Old Mutual as I feel that my character and integrity has been called into question even after receiving a phone call call one of their reps who was very oncompromising and sticking to her company's policy giving no inch irrespective of my objections and it is very clearly stated in her correspondence above.