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Phelisa M

1 reviews | Active since Sept 2017

24 Sept 2017, 16:38

Nedbanks inadequate financial advisors

I'm a 56 year old woman who was contacted by a FP from Nedbank , wynberg branch to be precise and I have had the most terrible experience. Agreed on investing my retirement payout in to a unit trust as advised by the financial planner , little did he state the lump sum that will be taken from my investment as a pay out to himself , was not even given the paper work that I had to sign to have as my copy , as you would get with any contract or agreement between two parties. Waited for two weeks calling him and he never bothered to return my calls and I got anxious and went to the branch to find out , when I got there he was not in _ was petrified thinking that I was ********** the money that I had worked for nearly 28years, was advised by the consultants in the branch to go to Claremont and speak to the FP there he would be able to help me as they do not have the authority to check my records_ I went to Claremont and I was assisted by the financial planners PA who was an absolute help , she called the headoffice I assume got them to send her my statement , a statement was faxed to her and to my surprise a huge lump sum had been taken off the money that I had invested _ she was unable to assist me because her boss wasn't around _ I was told that they would relate my story the area manager and she called once and said that she will be investigating the matter and she is still to date investigating. I took an extra mile and went to the Nedbank Private Wealth in waterfront and a young gentleman said that he would log my complaint , mind you this has been going on for the past 6 months and you would expect that my investment has grown immensely over these couple of months _ I was then contacted by a guy who is a dispute analyst related the whole story to him and he advised that he will also investigate and I'd have to move my money from the investment to another one , I did that but the reponse I got back was not what I expected the guy was rude to me the financial planner that is over the phone calling me over whelmed and stuff that he can't talk to me _ took an undisclosed amount from my money and then when the investment interest over 6 months was able to bring my money back to what I had origanally invested now Nedbank tells me that they don't owe me anything my investment payed itself out . What I fail to understand is that I am a loser in all of this because if I had invested that money else where I would be able to see how much it has grown over the months but instead got a sour deal from a bank that I had been banking with my whole life .

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Replies (1)
Nedbank
Nedbank's reply24 Sept 2017, 19:50
Official

Dear Phelisa

Thank you for raising your concerns with us. We at Nedbank strive to make great banking happen for our clients and we will ensure that our best attempts are utilized in order to resolve your complaint as timeously as possible. However in order for us to be able to achieve our objective the following information is required:

Your identity number
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Alternatively you may email the required information to email: ***

Kind regards

Client Experience Team