Old Mutual - Revoke their license as a Financial Institution.

I have a policy with Old Mutual. Last year I realised from their statement that they were charging me for "Annual Advice" and were paying over an amount to a broker. I had not seen this broker for at least 18 years so how could they charge for annual advice?

I contacted them and was given the run around, eventually being told to lodge a complaint with the Ombudsman which was a total waste of time. After many phone calls and emails Old Mutual eventually offered me a refund of just over R10k in final settlement. I felt this was reasonable and regarded the matter as closed after having given clear instructions that no further payments were to be made to this broker.

Guess what? The clowns have again paid this broker for "Annual Advice". Again I ask, provide me with the proof of advice having been given. Of course they cant!!

6 weeks later. I have phoned three times in the last day and a half. The first time I was simply cut off because clearly the person at the call centre didnt know what to answer. The second time the person admittedly spent a considerable amount of time trying to investigate the problem before eventually confirming that the "Complaints dept" had just sent me an email explaining the position. Of course the email has still not arrived over 24 hours later. Why do they lie?

Phoned again. The problem I am informed is with the "complaints dept". Then put me through to the "Complaints Dept". No, the complaints dept dont have a phone. Now I ask what good is a complaints dept that doesnt have a phone? Ask for a manager and after hanging on the end of the phone listening for music for almost 1/2 hour I gave up. Do you think that they bothered to call me back. Of course they didnt!!!

If this is the level of the gross incompetence of Old Mutual then I have no doubt that everyone would agree that they have no business investing money on anyone's behalf. I believe that the best course of action is to make an application for their license as a Financial Institution to be revoked.