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1 reviews | Active since May 2016

06 Jul 2021, 08:50

Ninety One Has Failed Me

I approached Ninety One for my one allowed withdrawal before my retirement age next year, and I asked for a certain figure to be paid to me. At no stage did anyone in Ninety One inform me that my figure I was asking for, would be subject to a debit amount, of a little over a 10% "fee". The result is that I don't have the full funds I app**** for. Ninety One refuse to acknowledge their negligence in not informing me that costs would be debited from my requested amount, and they have used 2 different excuses to explain the reasons for the debits. I'm writing this to warn anyone else who intends to deal with Ninety One. Demand a breakdown of costs associated to whatever figure you want to debit, and escalate or increase your amount you need, to cover Ninety One's costs. I was first told the debit was due to having to obtain a tax directive from SARS. I mentioned that no where in my application was I informed that obtaining a tax directive mean't a debit off my requested funds. Today I was told SARS made up the figure themselves, and Ninety One is not allowed to inform clients that SARS will debit their funds. Utter nonsense. Non disclosure is not acceptable behaviour. Shame on Ninety One. When I do retire next year, I'll remove all the funds I can from Ninety One, as I have no intention of dealing with unprofessional, un-empathetic people who when the error of their ways is communicated to them, they put their heads in the sand like an ostrich and refuse to take responsibility.

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Replies (2)
Ninety One
Ninety One's reply06 Jul 2021, 09:25
Official
Dear Heidi B

Thank you, we acknowledge your service review and will be in contact with you. 
 
 Regards 
 Ninety One
's update06 Jul 2021, 10:50
Reviewer Update
I've just received a call from a representative of Ninety One, wanting to explain the bureaucratic red tape that they feel absolves them from taking responsibility for their failure to meet my basic needs communicated to them. If I could share a copy of the application form I signed, it would be easy for anyone interested to see it, that nowhere in the documentation I signed, was I warned that my requested figure would be subject to debits of any nature, SARS / Ninety One fees inclusive. There simply is no plain language that explains that in black and white to a lay person, requesting a withdrawal for the first time. When I explained that had I been informed that there would be amount(s) debited when the application was first sent in, then I would have changed my original requested amount to a higher amount, so that I was assured of netting what I originally asked to receive, given the importance of the original figure I gave, the caller remained un-empathetic to my situation, insisting instead that it was important the red tape be read out to me. I disagree. Ninety One did not apply it's mind to my application as it should have done. No excuses, red tape or any other attempt to explain it's failure to meet my needs clearly communicated in writing, will justify their failure to me. I will not remain a client of Ninety One. I have no respect for people who are so caught up in their rat race, that they think it's okay to add insult to injury, by not taking responsibility for their failure to meet a basic need. I chose to end the call, as it was obvious it would not be rectifying the situation I've been put in now.