Surrendering Momentum

I have been a Momentum client for the past 15 years. I have two matured endowment policies with them which I have recently decided to cash in. I completed the surrender documentation and these were submitted to Momentum on 19 February 2019 by my Broker.

For various reasons, the documentation had to be resubmitted on three occasions, the major problem being that Momentum wanted to know where and how I acquired the funds to enable me to purchase these policies. Surely this question was asked when I took out the policies and is NOT relevant when I am surrendering them?!!

On Friday 8 March 2019 an email was received confirming that they had received all the outstanding requirements “….we will proceed with your request to surrender the above polices, the process will take 5-7 working days”. This meant that the latest I would receive these funds was Tuesday 19 March 2019. On Wednesday 20 March 2019, Momentum advised me “….that the disinvestment process will start today.” – one day after the date I was advised I would receive the funds – and that I could …”expect payment no later than Wednesday.” (this being 27 March 2019).

On Friday 22 March 2019 they confirmed that the process had begun and would take 2-3 working days. It is now Wednesday 27 March 2019 and absolutely nothing has been paid into my account.

To summarise:

· The surrender forms were returned to me on three occasions (the surrender forms that were first submitted to Momentum on 19 February 2019 have still not been processed – a month and 8 days later!)

· To date communications have been received from SEVEN DIFFERENT call centre agents plus my Brokers marketing consultant and in 20 days since Momentum confirmed that they had received all outstanding documentation and information, they have been unable to process two straight-forward surrenders.

Clearly Momentum are *********** and incapable of producing a respectable service to keep their existing clients happy and I shudder to think how they would treat prospective new clients. Is this Treating Customers Fairly???