CP
Cedrick P

1 reviews | Active since Feb 2025

20 Feb 2025, 08:37

Old Mutual Section 14 Transfer Out is USELESS

I am an independent financial adviser and on 23 September 2024 I sent through an instruction with supporting documents to *** to transfer two RA policies (***4 and ***7). It has been 5 months of constant follow ups with your S14 team and instead of getting any assistance, all I get are excuses such as: "we don't know what's going with the instruction", "we have not received any documents", "we can't get hold of a manager to assist", "I don't know what to tell you" and "we have escalated the matter". But nobody is able to give any solid feedback on timelines or advise when my clients can expect their funds to be transferred. On 23 January 2025 you received the signed Form H for both clients, I was told payment would be made within 21 days of receiving the Form H, it has been 30 DAYS. Your complaints department is equally as nonchalant as any matters escalated to them also do not get resolved. Meanwhile you continue to debit my clients on a monthly basis even though there is a transfer in progress, WHY? The only option is to report the matter to the Pension Funds Adjudicator and advise all my clients to never utilise your products. This is the third complaint for these cases on this platform by the way, so clearly you also do not care about your reputation int he public domain.

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Replies (1)
Old Mutual
Old Mutual's reply20 Feb 2025, 08:46
Official
Good day Cedrick,

We acknowledge receipt of your review and sincerely apologise for the service experience you encountered. We are committed to investigating this matter thoroughly and will make direct contact with you should further information be required.

Kind regards
Old Mutual Complaints Management