Old Mutual: Ongoing Section 14 Delays, Poor Communication, and Client Funds Unreasonably Held

I am lodging this complaint regarding Old Mutual’s Section 14 processing department due to repeated delays, lack of communication, and the unreasonable holding of client funds. In my recent and ongoing experience, Section 14 transfers are not being finalised within the prescribed 120‑day legislative period. Instead, matters are allowed to run to—or beyond—the deadline without valid justification. Feedback is minimal to non‑existent, despite multiple follow‑ups, and clear progress updates are not provided to either advisers or clients. Escalations to management have unfortunately not resulted in meaningful resolution. Even once matters are escalated, the same issues persist: missed timelines, unanswered correspondence, and no accountability. Clients are left without clarity while their money remains with Old Mutual, effectively inaccessible and unable to be invested elsewhere. This pattern creates the impression that delays are systematically tolerated, to the detriment of clients. It undermines confidence in Old Mutual’s operational governance and raises serious concerns around fair treatment of customers, particularly where legislative timeframes are well established. Given the financial and emotional impact these delays have on clients, this level of service is deeply disappointing. Advisers and clients considering investing through Old Mutual should be aware of the challenges experienced with Section 14 transfers and the difficulty in obtaining timely resolution once issues arise. I trust Old Mutual will treat this complaint seriously and address both the specific cases involved and the broader systemic issues within the Section 14 process.