Old Mutual Max Investments | Smartmax Focussed Education Plan

I was sold two educational policies under false pretenses by old mutual certified consultant. When these policies (Old Mutual Max Investments | SmartMAX Focussed Education Plan/1) were sold to me I was advised that they have very good returns because they were designed and meant to invest for the future of my children.

I had taken two policies in 2016 with the hope that when they mature in 2028 I would have saved enough. In 2020 I started sending several emails to old mutual querying why my policies were not growing as advised when those policies were sold to me by their employee. Old Mutual has failed to date to give me reliable and honest answer regarding my query. It does not end by policies are not growing but I am also loosing lot of funds from my own money that I am contributing to Old Mutual monthly. To date I have lost over R7000.00 from my own money for the payment on premiums towards these policies, combined.

No one from Old Mutual is willing to take full responsibility for their employee's misrepresentation when he sold these policies to me.

Old Mutual is required by the Law to invest, administer, keep in safe custody, exercise proper care and diligence for customers’ funds BUT in my case old mutual failed to exercise all of these legal requirements.

I have lost count of how many emails I have sent to old mutual seeking explanation why I have lost so much money from my investment including email sent to their Distribution Support Complaints Unit department.

It is painful that Old Mutual chose to ***** from the funds that I am investing for the future of my children.

I have asked old mutual several times why are they gambling with my children's future because it cannot be correct for them to invest my children's education fund to the products that they know there is lot of risks.

I have another products with First National Bank and I have seen and received positive returns since I started with them. Not a single time where there was any negative returns like what I am experiencing since I have joined Old Mutual.

I was stupid when I have put all my trust to old mutual that they are a reliable company but I was wrong.

I was first warned by few people that I should be careful with Old Mutual because they are not honest and I will cry. This is what i am experiencing now. They are ****** and *****sters. They sell their products under false pretenses.

I have few products with them Life cover, funeral cover, retirement and pension funds etc. and I wish i could move these to other financial institutions BUT i can't.

I am planning to refer my education policies to FIAS for guidance and direction.

I used to think old mutual is very reliable company but I was wrong.