NH
Nicole H

1 reviews | Active since Mar 2013

13 Jan 2018, 11:40

Investing into Old Mutual fund - 1 month wait for correction costing me thousands and still waiting

On 15 Dec I Invested online, wanting a lump sum and debit order into the old mutual global equity fund. I selected the fund for the debit order, and then saw that a fund was populated for the lump sum, so moved on. It turns out they default the fund selection to one of their other funds so my large lump sum was set to go to the wrong fund. On the confirmation email it gives you an email to make amendments so I IMMEDIATELY emailed to correct. After 2 business days I didnt hear anything so I phoned, after 20 minutes on hold I get told that I was communicating the issue too late, even though I originally communicated it on time. So now they have to invest my large lump sum into the wrong fund, then switch it the right fund. Other service providers (namely Allan Gray) would admit they received the communication on time and would perform the switch with the original date's price, but no, not Old Mutual. This was also before they had even taken the money from them, so they not only refused to correct the problem but also refused to not take my money in a few days time to do the wrong thing!

Cut to , 10 Jan, I now get an email saying they have received my request. A MONTH LATER they want to do the switch, after the rand has tanked from its high streak, I am now losing thousands purely because of their incompetency! AND I cant get my money back!

I am absolutely shocked that this a business that is allowed to continue. I'm thinking about complaining to consumer protection, FSP licence board, anything to try and get some accountability!

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Replies (2)
Old Mutual
Old Mutual's reply14 Jan 2018, 01:12
Official

Dear Nicole

Thank you for bringing this to our attention.

We will investigate and resolve with you directly.

Regards

Brent Sellidon

Complaints Management

Old Mutual
Old Mutual's reply15 Jan 2018, 16:03
Official

Dear Nicole Hathorn,

Thank you for taking my call and providing me with your ID number. I manage to trace your investment and busy investigating.

We will be in contact with you again.

Kind regards

Nicolette du Toit

Complaints Assessor