1 reviews | Active since Feb 2013
poor legal advice, late audit of stand alone fund
It has been many years now that we have been struggling to move our long standing stand alone fund to an umbrella fund. Momentum never audited the fund in the correct time frame and they advised us to open a new umbrella fund which has been running separately for quite a few years. At the time we signed all kinds of documents and were assured that it would not be long to add the existing funds to the new ones. Now more than 6 years later this is still not happening. We have to pay high audit fees and now they are expecting us to sign documentation making us the trustees and public officer of the fund accepting all kinds of liability for anything that might go wrong if in actual fact it all lies in their hands. They do not even have the professionalism to send a legal expert to explain to us what is required and why. Everything is just treated as hush, hush and everyone passes the buck. I find this an absolute abomination and can only shake my head. How can they get away with this? They happily accepted the employee's money, but now it is a major struggle to iron out the problems that were caused by them in the first place.
