1 reviews | Active since Feb 2024
Extremely bad service, lack of communication and arrogance
Extremely bad service with regards to my retirement fund withdrawal request. I turned 55 in November. I have been sending email to my financial planner Bheki Mngomezulu asking hi to send me forms for withdrawal request. He never responded to my emails. i then decided to go to a branch in Sandton City mall. I was assisted by Lusanda Stemela on 20 November. He completed the forms and he informed me that the withdrawal will be finalized within 14 to 21 days. He said that I will be getting feedback during this period which I never received. On the 2nd December I noticed that the funds have been withdrawn from the one of the investments but i have not been paid until today. I queried the payout process with Lusanda and he responded last week stating that the branch is very busy. Then on Monday he told me that the investment is on its 3rd day of pricing and the funds will be paid withing 3-5 days of pricing which ends today. I still have not been paid. This morning he tells me i have to complete another form for the 2 investments because the form completed on the 20th was incorrect. He sent me the completed form full of alterations that were not initialed by him and I asked him if I should proceed with signing the form of which he did not respond. I then decided to sign the form as is and send it to him with alterations. He then responded with a blank form stating that he is not supposed to sign on the form after I sent him the form that I had already signed. He confirmed receipt of the signed form to only later ask me to send proof of residence. My concern is that my funds were released out of one of the investments on the 2nd. I have lost growth on that fund. How am I going to be compensated for that. The delay in processing the other two investment withdrawals as a result of Lusanda's incompetence and excuses is also a concern as I desperately need the funds as per initial time frame. My overall experience regarding the transactions is that Lusanda is doing me a favour in submitting my application, lack of communication from Lusanda Stemela and being ignored by my financial planner Bheki Mngomezulu.
We acknowledge receipt of your review and sincerely apologise for the service experience you encountered. We are committed to investigating this matter thoroughly and will make direct contact with you during business hours should further information be required.
Kind regards
Old Mutual Complaints Management
We acknowledge receipt of your review and sincerely apologise for the service experience you encountered. We are committed to investigating this matter thoroughly and will make direct contact with you during business hours should further information be required.
Kind regards
Old Mutual Complaints Management
