AH
Aggie H

1 reviews | Active since Nov 2019

24 Aug 2020, 18:17

Lost investment funds

On my resignation from my previous employer in Sep 2019, I requested that the funds in my provident fund be transferred from the Old Mutual Superfund into my own retirement annuity also with Old Mutual. Gadija Peters was the financial advisor who would effect this transfer. Old Mutual sent me confirmation on 04 Dec 2019 that my withdrawal claim had been completed but I never received confirmation that the funds had been reinvested into my personal funds. On the 26th of May 2020 I requested my statement and a tax certificate from Ms Peters as I was in the process of putting together documentation for my tax returns. She responded that the she would revert to me the following day. I followed up with her on the 12th of June and she responded that due to the lockdown they were working from home and back office had not responded to her. I followed up again on the 16th of June, raising the concern that I had not received the Recognition of Transfer. She responded on the 18th of June that she would call me on the 19th of June at 2pm to explain. She did not come back to me. I followed up with 18 emails to Ms Peters and Old Mutual’s Customer Services (dated the (20th, 22nd, 23rd of June 2nd, 5th 20th, 21st, 22nd, and 23rd July 2020) with no response. Only when I copied her in on the final email asking my previous employer confirming transfer so I can escalate this with the Ombudsman did Ms Peters did she admit that the funds had never been invested and at that point they were attempting to trace them. On the 22nd of July I received an email from Harriet Swartz the liaison in RFA Claims asking a Ridwaan Motiki to send the RoT and Benefit payment letter. I asked for a detailed explanation as to how this had happened and how Old Mutual would propose to compensate me for the 7 months my funds could not be allocated. I have also asked that this be done before they invest my funds and at the very least to provide me with a different financial adviser. I have not received a response to these requests as of 24 Aug 2020. What I have received is numerous Zoom calls from Ms Peters with incoherent explanations. She has also informed me that that the funds have been invested and she is still the adviser on the account.. This is despite my explicit written instructions not to do so until an explanation as to how the funds went “missing” in Dec 2019 was provided. On the 19th of August, I asked Ms Peters if I could to speak to her line manger to understand why I still haven’t received an explanation as to how this happened and the steps, they would take to resolve this. I am also at a loss as to why I still have the same adviser who indicated this was kind of transaction was beyond her level of expertise. In response to this I received an email from a Yvette Arendse who confirmed in writing that she is Ms Peters line manager but again offered no responses to my questions. At this point my questions have now been directed at 4 different individuals and 3 departments within Old Mutual with no response or satisfactory resolution. Can someone please provide me with an explanation as to how a reputed financial institution operates like this????

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Replies (1)
Old Mutual
Old Mutual's reply25 Aug 2020, 09:13
Official
Dear Aggie Hatendi

I acknowledge receipt of your complaint.  

We are sorry to hear of your service experience.
This matter will be investigated and I will be in contact with you.

Regards

Coleen Aanhuizen
Old Mutual Complaints Management