kM
keith M

1 reviews | Active since Mar 2022

09 Mar 2022, 13:28

Old mutual unit trust

I came to the knowledge that my father has a unit trust account with old mutual (client number ***). I then notified old mutual that my father passed away 26 years ago when i was 13 years old at that time. I instructed old mutual to close the unit trust account due to the fact that my father no longer has financial interest in the product. I emailed supporting documents such as death certificate, my ID copy, affidavit and a portfolio statement of the unit trust requesting that they stop the unit trust with immediate effect as my father's next of Kin. this was on the 1st of March 2022, a customer service consultant by the name of Ebrahim Gibbons then sent a reply saying I need to send a LOA for a 26 years ago death event and a bank statement of the late estate that is no older than 3 months inspite my father having passed away 26 years ago, which i find very stupid and legally ******* not to mention humanly impossible. then when i asked ebrahim about this he sent my query back in the queue and a new reference number was created and another agent by the name of happiness tom then sent me an email saying i need a letter of exercutorship inspite of the fact that my father's unit trust value is under R12 000 and it's a 26 year matter it's been over a week now of this back and forth and the worst part about it is come end of the month old mutual will be enriched further unjustly from the fees that will come from the deceased unit trust account even after they have received official documents from me the son of my father the person that looks after all my father's belongings that the client is no more. all I want is for the funds to be transfered to the account i provided them with which is my account as my father's next of kin. but if i said i want to reinvest in their product under my name oh they would've jumped at the opportunity, this matter needs to be dealt with by a senior individual who is allowed to use discretion not some junior agents who probably haven't even written and passed their RE because old mutual is turning this into a classic case of unjust enrichment as set out in the financial regulatory code of conduct. this is my father's money i'm not borrowing this money, i'm not asking for a loan or even claiming for a life cover this a UNIT TRUST MY FATHER'S MONEY NOT YOURS OLD MUTUAL, what kind of ******* business are these guys running making money from a deceased person sies maan this is appauling best and disgusting at worse.

0
Replies (7)
Old Mutual
Old Mutual's reply09 Mar 2022, 13:49
Official
Dear Keith

I am sorry to hear of the service you experienced and the emotion this must be causing after the loss of your Dad so long ago.  I will investigate and provide you with feedback.

Kind regards
Thabiet Mintin 
Old Mutual Customer Complaints
kM
keith M's update11 Mar 2022, 10:29
Reviewer Update
I'm so annoyed and angered by old mutual. I was asked for a copy of the Will for funds to be transferred to my account. I rep**** yesterday at 12:40 saying there's no will and now old mutual decided to keep quiet. I wish this was metropolitan because my fiance had a similar case and metropolitan asked for death certificate an affidavit proof of account and my fiance s ID copy they then said my fiance must fill in a declaration form due to her mom having passed away 5 years ago which they emailed and then five hours later the funds were in my fiance's account. Where as I'm dealing with old mutual and Monday will mark 2 weeks of me dealing with this tedious and inexperienced agents who decided to keep quiet, dealing with old mutual has been a unproductive nightmare. Never again will I recommend old mutual for long term portfolio diversification.
kM
keith M's update15 Mar 2022, 11:14
Reviewer Update
I have sent old mutual a letter from the court instructing them to give me current balance in the unit trust so that the court can give me a letter of authority today so that old mutual can transfer the funds into my account i'm still waiting for this *********** company and how is it that the 1 star reviews are mostly black clients? See where i'm going with this? so can someone get nezaam halim from old mutual crm to reply with the statement urgently please as i've sent the document to him
kM
keith M's update29 Mar 2022, 14:05
Reviewer Update
I have given old mutual a letter of authority from the master and they still refuse to pay so what now
kM
keith M's update29 Mar 2022, 14:09
Reviewer Update
Nizaam halim has all the documents yet he keeps asking for the same documents.you just don't want to pay out what's due to me as my father's heir
kM
keith M's update31 Mar 2022, 12:08
Reviewer Update
Ok so now even though there's a letter of authority from court i have to fill in a selling form which is 8 pages long and i'm not even their client with no guidance whatsoever on what's applicable to me to fill in i'm unemployed but yet they asking about tax who's tax? my father's or mine because my father passed away 26 years ago and and they dragging this thing out. I have no other choice but to report this matter to the master as i was advised to do and also the media because this is insane should i come across challenges
kM
keith M's update31 Mar 2022, 12:26
Reviewer Update
image.png 298.85 KBimage.png 324.98 KBimage.png 275.11 KBimage.png 308.1 KBimage.png 343.5 KBthese people are hoping i mess up the form so they can then ***** my father's money.