Momentum will do everything in their power to delay paying your money back.

Trying to get momentum to release your money after you requested them to do so is impossible. I instructed Momentum, in writing, that I wish to immediately end a current investment with them and transfer all funds to an Allan Gray preservation fund on 18 July 2018. I received notice from them that they have received my instruction and will process it, on 19 July 2018. On 23 July Allan Gray informed me that Momentum requires me to send them a "letter of intent" which states exactly what I already asked them to do. My original instruction was in an email, which is legally binding according to the ECT act, and contained all requisite information. Either way, I repeated my instruction in a letter of intent and send it to all concerned parties by 10 am on that same day (23 July). Then on August the 7th they suddenly required me to send them a RPAR (Replacement Policy Advice Record). This is a form that is only required / intended for client’s using brokers. I do not use a broker and have absolutely no desire to use one. I filled in the form and send it to them on August 22 (I was out of contact for a few days and missed the request). They informed me that they will now issue "form H" within 7-10 days. On September 3 they now suddenly demanded a NEW letter of intent which states that I am aware I will only receive the credit part of the investment. I amended the original letter to say this and send it back with VERY clear instructions that I WANT THEM TO TRANSFER MY MONEY AS INSTRUCTED. I am an adult and perfectly capable of managing my own investments. I expect them to treat me as one and not waste time. My investment growth with them has been terrible and every single day they waste is making this worse. I am also tired of having to repeat myself over and over to issue a simple instruction, which I send in a legally binding manner more than 6 weeks prior to the 3rd. This NEW letter was send to momentum on 3 September. Allan Gray has followed up with them on 3 September and again on 13 September. We are STILL awaiting their response.

This is PATHETIC service. I regret ever dealing with momentum and will never do so again in future. Not a single step they required from me after the original letter of intent was in my opinion necessary. More importantly, if they believed these steps to be needed they should have communicated it in their VERY first communication with me. Not in drips and drabs over almost 8 weeks.