JH
John H

1 reviews | Active since Jun 2022

13 Jun 2022, 14:06

Old Mutual - OMI Life Wrapper - Very Poor Service and Possible Mis-Selling of a Financial Product

We were sold an Old Mutual Life Wrapper policy with OMI in 2012 - sold on the basis it was a tax free investment vehicle. We cashed in the wrapper in 2022 - took a number of months and many mails from our side before we received our monies; then only to find out the wrapper was taxed - Completion / closing statement, setting out our financial position, also took months to receive, again after many requests and follow up mails from our side. To date OMI complaints department have offered us, as compensation, the exchange rate loss difference, between encashment instruction and receipt of funds, and a partial compensation amount towards the tax levied on the wrapper [OMI have confirmed there was a tax miscalculation !] I’m still waiting for hopefully a final response / settlement from Old Mutual’s complaints department in order for them to put us back in a financial position I / we should be in. I will hopefully follow this review up once I’m in receipt of a final settlement / compensation figure from Old Mutual / OMI

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Replies (1)
Old Mutual
Old Mutual's reply13 Jun 2022, 14:07
Official
Dear  John H 

We are sorry to hear about the service experience. We will investigate and contact you directly to assist.

Regards
Bilqees Carelse
Old Mutual Complaints Management