Nedbank and Nedgroup Investments Tax Free Investments

I recommend that you do not even consider opening a Tax Free investment with Nedgroup Investments as they do not seem to understand what exactly Tax Free investments are and how it should be reported resulting in misreporting numbers. Nedbank is partnering with Nedgroup Investments to provide certain tax free investments. Upon transferring my existing Tax Free Investment from Nedbank to Nedgroup Investments they incorrectly processed my historic contributions as per the Transfer Certificate Nedbank issued as the amount transferred thereby understating the amount transferred dramatically. It is a now a month later and Nedgroup Investments are still struggling to get it corrected. There complaints dept are not on the ball and only respond after numerous requests, weeks later. There financial system do not seems to make provision for in transfers of this nature while they are also incorrectly reporting growth (interest and dividends) as contributions. This can have serious Tax implications for the investors as SARS can apply a penalty of 40% to all excess contributions reported. Nedgroup Investments should not have a Financial Institution License. I regret dealing with them tremendously.