Old Mutual Ltd. Glitch in Payment Processor Loses Clients Funds

This review has been written in order to best simplify my vexed situation with Old Mutual Ltd. I have streamlined my experience thus far in the most comprehensive manner possible and summarized the sequence of events for you to best understand my frustration as well as the fiscal implications incurred by the failure of Old Mutual Ltd to meet their commitments and agreements as assured.

These events have been best described below.

In 200# I began paying funds into a retirement annuity offered by Old Mutual Ltd. In October 2024 I completed a form, using an Old Mutual Ltd. mobile phone application, to access a percentage of my accumulated funds. *This is the only method made available by Old Mutual Ltd for their clients to access their funds or receive "help" regarding their applications. On the 13th of October my automated withdrawal and payment process began, which according to the pension funds administrator, Alexforbes, will take no longer than 20 working days to process, providing all forms are completed fully and correctly. On the 8th November 2024 [28 days after the process had begun] I called Old Mutual Ltd on the number *** to check on the progress of my payment and verify that all my forms, as mentioned above, are correct and in full. I was assured by a helpful service agent that my payment is in process and my forms are correct and up to date, including any SARS requirements. He also advised that it was Friday and I should wait until the following week before calling back to check on Old Mutuals progress. On the 12th of November I called the "helpline" again and was told that the process was under strain and this will now become "my problem" and that the issue had been escalated to the IT department and it will take 2 to 3 days for the payment to reflect in my account. On the 14th I called the number again only to be given the same information as mentioned in all previous telephonic correspondence and that "my problem" had been escalated once again and the only option I have is to wait for the money to reflect. I asked if the funds could be tracked within the secure payment system used by Old Mutual Ltd and for a recording of our conversation as offered by the service provider at the start of our dialogue. She rep**** that she could not see where the funds were, but only that my withdrawal is in progress. On the 18th November, after feeling very anxious that an Old Mutual Ltd. service provider could not reassure me of where my funds were, I decided to speak to a branch consultant. This experience only left me feeling more uncomfortable with "my problem" and the Old Mutual Ltd. organization in general. This is also the point where "my problem" went from bad to worse. Inside the branch, I was told that no frontline staff could assist me with "my problem" and that I only have the ***helpline at my disposal. I was put into a cubicle inside the branch and given access to the ***helpline via telephone. The service agent I spoke to on that line said there is nothing she could do, and that there is a glitch in "their system" affecting the progress of numerous payouts [8 000 clients] and that the IT department were looking into it, including "my problem". I explained my disbelief and requested a recording of our conversation, as offered at the start of our dialogue, via email and left the branch knowing less about the location of my funds, a date it will reflect or an actual answer regarding the progress of the payment.

It has been 44 days since the automated withdrawal and payment process began.

6 calls were made to the ***"helpline" provided by Old Mutual Ltd. On each occasion a call back was requested, only 2 were successful, which amounts to a 33.3% success rate by Old Mutual Ltd. on such a trivial request. *The ***"helpline", including the mobile phone application provided by Old Mutual Ltd. is not toll free and callers can expect to be on hold for 20 to 80 minutes or cut off entirely after being on hold. From the 2 requests made for a copy of the telephonic conversations between myself and the Old Mutual Ltd. call center agent [offered at the start of each conversation], none have been received. This amounts to a 0% success rate by Old Mutual Ltd with that regard.

IN CONCLUSION:

After 44 days I am still as informed, anxious and frustrated with the service received by Old Mutual Ltd. as I was 14 days ago and the impact of "my problem" has started to have repercussions. 97 minutes wasted going to an Old Mutual branch and over 200 minutes on hold with various call center agents. Over 300 minutes wasted in total. *The calls made to the Old Mutual Ltd. helpline and messages sent to their mobile phone application can only be done at the expense of the caller/client, forcing the caller/client the unnecessary expenditure of purchasing data and airtime. "My problem" has cost R150 in data and airtime to date. 320 minutes wasted seeking advice and compiling emails regarding "my problem", including this review. The failure by Old Mutual Ltd. on their agreement to receive my funds within 30 days after the automated withdrawal and payment process began, as well as the reassurance given to me by the "helpline" agent on the 12th November, that my funds would reflect in 2 to 3 days has not only been "an inconvenience", as described by Old Mutual Ltd. employees, agents and representatives but has directly resulted to a loss of income and further delays in receiving/gaining access to my funds will hinder the opportunity to recuperate those losses.

The complete lack of communication, efficiency and accountability displayed by Old Mutual Ltd. is disappointing to say the least, and the total disrespect for their clients and disregard for the FINANCIAL ADVISORY AND INTERMEDIARY SERVICES ACT 37 OF 2002. CHAPTER IV: CODES OF CONDUCT: 16. PRINCIPLES OF CODE OF CONDUCT, is concerning, not only for me but the general public.

The only resource left to resolve "my problem" is sharing my story and through current interaction with people, I can only assume that the general public would feel as uncomfortable as I do, knowing that their funds could suddenly be lost in a secure online payment processor, by a well known credit provider, due to a glitch in their system, like mine is, and that the credit provider can't tell you where or when you will receive your money.

Furthermore, the only response I have received from Old Mutual Ltd. its employees/agents or service providers regarding "my problem" is that they "apologize for the inconvenience caused". This I find not only patronizing but extremely unsympathetic, especially since no Old Mutual Ltd. employee. agent or service provider has called back since, to help resolve "my problem", or at least give feedback regarding its status.

Old Mutual Ltd. FOOTNOTE for future reference: An inconvenience is; your transport being delayed, receiving the wrong order at a restaurant or when your favorite ice cream is temporarily out of stock. Losing my funds is not an inconvenience.

Lastly, and I know this one is a big one, but I hope that the interest accrued by all those lost funds in Old Mutual Ltd's glitched system (as described by an Old Mutual employee) will be redistributed to the rightful owners of such funds, and accordingly.