JE
Jacobus E

1 reviews | Active since Nov 2012

23 Feb 2018, 07:36

Possible loss to small investors

I requested pay out on an annuity in 2011. The balance on the account to switch to a pension. The value was communicated as R 11k. Nothing was heard about this matter, till I started digging; apparently other issues clouded the pay out. In 2017 I finally get hold of a person, first there is no policy, and no value, then the policy appears in a discontinued system, I had to supply the policy number, the value also went down to R 10 k. I appointed a broker to deal with this issue. Since Sept 2017 to date we have been struggling to get this policy transferred to a different underwriter. It would seem that Mutual has not acted in good faith nor exemplary conduct in this matter. I am recommending to all my clients, friends and family that they move their business away from Mutual. The last e-mail sent was on 15 Feb and still there has been no communication from Mutual. Yesterday I received a standard e-mail - " ... we are attending to the payout...." How long does it take to pay out?

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Replies (1)
Old Mutual
Old Mutual's reply23 Feb 2018, 08:21
Official

Dear Jacobus

Thank you for the review.

We apologise for the frustration caused, we will investigate and resolve the matter with you directly.

Regards

Brent Sellidon

Old Mutual Complaints Management