LI
Lester I
1 reviews | Active since Jul 2011
15 Jan 2020, 15:10
Exorbitant Fees
I want to move my RA out of Old Mutual to a different supplier after 14 years of making payments and paying inflated fees you still want to charge me 11.8% of my total investment just to move. The only explanation for this exorbitant charge is it "could include previous commission paid to an advisor as well as initial costs associated with the administration and distribution of the contract". I an actual detailed breakdown of what I am paying for? How much was this commission and administration fees and what else are you charging me for? What have I already paid you over 14 years towards these exorbitant fees?
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Replies (2)
Old Mutual's replyOfficial
15 Jan 2020, 15:48Dear Lester
I acknowledge receipt of your complaint. This matter will be investigated and I will be in contact with you. Regards
Brent SellidonOld Mutual Complaints Management
I acknowledge receipt of your complaint. This matter will be investigated and I will be in contact with you. Regards
Brent SellidonOld Mutual Complaints Management
Old Mutual's reply15 Jan 2020, 15:48
Official
Dear Lester
I acknowledge receipt of your complaint. This matter will be investigated and I will be in contact with you. Regards
Brent SellidonOld Mutual Complaints Management
I acknowledge receipt of your complaint. This matter will be investigated and I will be in contact with you. Regards
Brent SellidonOld Mutual Complaints Management
LI
Lester I's updateReviewer Update
16 Jan 2020, 12:09So I have received a reply from Old Mutual. Basic summary: they are legally allowed to charge me up to 30%. They then list what the 11.8% may cover. Same items.. commission related costs, admin costs. So basically, they have completely ignored my request for an actual accounting of these costs and threatened to charge me more. I want a detailed list of line items for these so called costs.
LI
Lester I's update16 Jan 2020, 12:09
Reviewer Update
So I have received a reply from Old Mutual. Basic summary: they are legally allowed to charge me up to 30%. They then list what the 11.8% may cover. Same items.. commission related costs, admin costs. So basically, they have completely ignored my request for an actual accounting of these costs and threatened to charge me more. I want a detailed list of line items for these so called costs.