Old Mutual... "Pay Back The Money."

<p>To Whom It Concerns;</p> <p>I a submitting this e-mail as a formal complaint. On July 20th, 2016 I approached my Old Mutual (referred to as OM for here forward) investment representative (Matthew Martin), cc'd to inquire about disinvesting my XtraMax investment as I was in need of the funds to help relieve recent financial pressures.</p> <p>The original investment was paid from my FNB Business bank account and had been invested for upwards of three years. During this time, my business account had been dormant and was closed. FNB re-opened a business account for 220 Princes Lounge cc on July 21st, 2016 and Mr. Martin informed me that the process had begun.</p> <p>On July 25th, Mr. Martin informed me that due to the change in account number OM had requested a letter from FNB that stated I was the sole signatory on the 220 Princes Lounge cc Business bank account. This letter was promptly provided.</p> <p>On July 26th, Mr. Martin's PA sent me a notice that OM had refused FNB's official form letter as it's wording was not to OM's satisfaction. I had to return to the branch and ask for the letter to be created from scratch as FNB had indicated that they had never previously had their institutional forms refused due to their wording. FNB graciously facilitated writing a new letter confirming OM's request to their standards and the new letter was promptly submitted.</p> <p>On the 27th, Mr. Martin's PA informed me that the turn-a-round for the disinvestment would be 10-15 working days.</p> <p>On the 28th, I sent Mr. Martin an email stating my frustration with the process and further outlining the dire need for the funds. Mr. Martin also contacted HVDS on my behalf and informed me that there was a problem validating the payment into the 220PLcc business account.</p> <p>On the 29th, I sent an e-mail to the High Value Distribution Service Center to outline the issues and state my case. I received a form reply from the HVDS offices. Mr. Martin forwarded me his email where he contacted ********** to address the non-validation of the 220PLcc account. Mr. Martin informed me that he had 'escaleted' things from his side.</p> <p>On August 1st, Mr. Martin informed me that management was now 'actively' involved.</p> <p>At this point I was awaiting payment and as the days passed it was becoming clear that nothing was happening. The days continued to pass and the stress we were under continued to mount as creditors awaited their overdue payments.</p> <p>On the 12th of August I inquired with Mr. Martin if there had been any progress. Mr. Martin informed me that regarding the payment, "it appeared to be held up in the system but we were told he had escalated it for authorization. " <br />In subsequent emails on this day, Mr. Martin informed me that:</p> <p>"On further follow up now I've learnt that they will on special cases pay money into third party accounts when the amount is below R50, 000.<br />The issue is no one wants to take responsibility for paying a much larger amount into a third party account due to the liability. <br />I've requested if Mark can sign an indemnity not holding Old Mutual responsible for any loss of funds due to a third party payment.<br />Christopher will be contacting us shortly, he has gone to speak to the necessary person who has authorisation to make the payments.</p> <p>Alright, in the space of writing this email we have heard back from them...</p> <p>The issue is once again the letter from the bank stating Mark is the authorised signatory/representative on the account and not the sole owner on the account.<br />They require the bank letter to state that Mark is the sole owner on the account.</p> <p>Currently in his capacity as authorised representative there is no proof that he owns the account or is a sole proprietor but only has authorisation to act on the account, signing power.<br />I am terrible sorry this means Mark has to go back to the bank, on receipt of the letter they will pay the money into this bank account."</p> <p>*At this point I had to once again return to my FNB branch and request yet another letter that confirmed that I alone the 'sole owner' of the 220PLcc Business Banking account. <br />I once again, had FNB customize a letter stating that I was indeed the sole owner of the account with authority to sign on my companies behalf. I then forwarded the letter, copies of the CK1 document, and passports to Mr. Martin and his PA.</p> <p>I also requested that Mr. Martin forward me an OM indemnity form that would absolve any person(s) at OM of any responsibility for the disinvestment of my money into my 220PLcc account. I never received any such Indemnity form to sign.</p> <p>** Keeping in mind that we now had become desperate and knowing that there was no hope of having any monies deposited on that day my wife and I decided that we would go into OM ourselves the following Monday.</p> <p>On Sunday August 14th, I requested Mr. Martin send me an account of the process from his side and this was provided. It was at this time that I informed Mr. Martin that I was taking the matter up with FAIS Ombud and related OM Ombud.</p> <p>On Monday August 15th, my wife and I went into the OM Thaibault Square branch to inquire in person. We were informed that there had only been email activity regarding my original request for disinvestment and we had them begin the process right there and then. by the time we left the branch, we had completed the disinvestment forms, were told they were filed, filled in a complaint form, and were told that Branch Manger Mr. George Lincoln would inform us as he was now looking into and pushing the matter.</p> <p><br />On the 16th, I filed my complaint with the FAIS Ombud and forwarded the files via post.</p> <p>*** We were so relieved to have met with such prompt service from the Thaibault Square branch staff and were told to look for the payment to be reflected within the next 2-3 days.</p> <p>While this process was taking place, we were still facing the stress and pressure from the bank re: our late bond payments, pressure and warning from our children's school that our fees were past due and they would be forced to remove our children from classes. I also had been waiting a work visa and letter of invitation for me to go to China to begin working as a teacher. At this time the visa was delayed, but once it arrived I would have to book a flight and leave to begin my professional obligations. At this time, I did not have the money for the cost of the flight, so the promised payment was seen as a major relief. It also only angered us at the ease at which Mr. George Lincoln's staff were able to complete the process and we felt as though a massive burden was about to be lifted.</p> <p>On the 18th, I received the following news:</p> <p>"Good day Sir<br /> <br />Apologies for the delay.<br /> <br />Please see confirmation below that payment has been made to your account.<br /> <br /> <br />Kind Regards<br /> <br />LINCOLN GEORGE<br />Branch Manager – OMF CT CBD Thibault Square, Southern Region</p> <p>Good day Lincoln,<br /> <br />Refer feedback received below.<br /> <br />Dear Francois</p> <p>Case has been paid.</p> <p>2016-08-16 WORK VERIFIED/AUTHORISED 274,968.73 RSA LIFE <br />2016-08-16 SENT TO VERIFIER/AUTHORISER 274,968.73 RSA LIFE <br /> <br />Kind regards<br /> <br />FRANCOIS DU TOIT<br />Customer Service Manager"</p> <p>We were absolutely amazed!</p> <p>I stood by and began checking the 220PLcc account so we could make due on our promises to our banker and school etc. to make payments as these institutions and individuals had shown us great restraint and understanding... no payment was being reflected.</p> <p>I sent an email to Mr. George asking him to inquire as to confirm via Proof of Payment that the monies were paid as per OM's information.</p> <p>Mr. george replies:</p> <p>"Hi sir<br /> <br />I have sent your enquiry to the Customer Service manager. I will revert back to you when I receive feedback from him.<br /> <br /> <br />Kind Regards<br /> <br />LINCOLN GEORGE<br />Branch Manager – OMF CT CBD Thibault Square, Southern Region"</p> <p>We wait, hoping that the POP will be sent and the confirmation of the payment will be made. Then, we receive this completely deflating news:</p> <p><br />"Hi sir<br /> <br />Just received feedback. This could take 7-10 working days to reflect in your account.<br /> <br /> <br />Kind Regards<br /> <br />LINCOLN GEORGE<br />Branch Manager – OMF CT CBD Thibault Square, Southern Region"</p> <p>On the 19th, dejected and defeated, I send Mr. George and Mr. Martin the following email:</p> <p>To Whom It May Concern;</p> <p>Good morning. I am beyond words right now at the Entire Old Mutual Organization.</p> <p>Can I ask of you all only one kindness. That if the money has indeed been transferred into the 220 Princes Lounge cc FNB business bank account that you forward me the proof of payment (POP).</p> <p>If this is not done, our creditors who have been waiting patiently for us to make bond payments, school fee payments etc., will have no other recourse but to begin the process of taking legal action in some cases or removing our children from school.</p> <p>It pains me to have been giving these good people OUR WORD that we will be able to make payments. Now, our word and the honor that is attached to it is eroding before our eyes as the days and now weeks pass by.</p> <p>As you are all aware, with an additional 7-10 days required for OM to make a real payment, not just empty promises based on impotent words, we will continue to feel the real burden of the responsibility of OM's continued in-action.</p> <p>I will not bother you with any more of our problems as they do not appear to matter. However, once again, I implore of anybody at OM to back their words with real action and forward me the Proof of Payment so that I may be a man of my word and indicate to our creditors that this continued bundling of our financial commitments is not of my doing.</p> <p>Sincerely,</p> <p>Mark Harmel"</p> <p>I then inform Mr. Martin of the impact this is having on my teaching position and that should the school inform me that they require me to show up for work and I can not travel because I can not afford the ticket I will be forced to look into taking legal action to recover any and all lost wages, payments, and quantitate our families suffering due to OM's lack of action.</p> <p>Later that day, DHL courier delivers my Chinese Visa which I will have to process.</p> <p>Thus, my wife and I along with our family have had to endure yet another weekend of having little or no hope of paying our bond etc. It is now, that I submit this long and detailed account of this most frustrating and defeating process we've been going through.</p> <p>Thank you for your time.</p> <p>Sincerely,</p> <p>Mark Harmel</p>