SRM Financial Brokers/ Old Mutual

I am writing this review on behalf of my mother Nofikile Cekiso. My late father was employed by ****rnet in Germiston. After he passed away in 2005 a gentleman who worked as a supervisor at ****rnet Germiston advised us about a Financial Broker which would normally be called to assist employees in providing Financial Advice and Investment planning, her name was Philisiwe Ndlovu who was employed by SRM Financial brokers.

My mother was told that an amount of R260,287.37 was invested on her behalf with Old Mutual in a product called Investment Frontiers Income Portfolio. My mother was told that she will receive an amount of R1,685.79 and that the invested lump sum will not be affected by inflation.

Around 2011 Philisiwe Ndlovu left and handed my mother's account over to another Financial Advisor by the name Mr SR Matjeke. In 2011 we renewed a 5-year investment contract with Mr SR Matjeke. The same investment amount of R260,287.37 carried over to Mr SR Matjeke.

In 2016 we went for another renewal, we then discovered again that the invested amount had dropped from R260,287.37 to R240,794.18 and we were told that the difference between the two amounts was due to an inflation.

Before we could sign my mother pleaded with the broker to give her a sum of R10,000 and as she had urgent matters to attend to. Her request was granted and the amount was deducted from the to R240,794.18 and the balance remaining balance was R230,794.18.

In 2016 Mr Matjeke told us that he was planning to change the investment product which my mother had to the one which will not affect the invested amount. He gave us assurance that inflation will not affect the invested amount. We endorsed this proposal and my mother signed from 2016 to 2018 October,17. Mmother was now going to receive R1,346.30 per month.

The past weekend, my mother received a call from Mr Matjeke requesting her to visit the nearest Old Mutual Offices in the Eastern Cape to sign a new contract.

On the 26th October 2018 my mother sent me to visit to their offices in Braamfontein and that's where I was met with another surprise. The invested amount has now dropped from R229,990.32 to R205,324.08.

On the very same day that I visited their Offices, I was given some Switch Declaration Forms which my mother had to sign. I was told that there will be a sum which will be invested abroad which offered 15% interest more than what my mother was getting in South Africa and that this one will not be affected by inflation. My mother no longer has trust in Mr Matjeke and SRM Financial Brokers, she believes they have not been truthful to her and that they have taken advantage of her and have always misled her. now she needs assistance in recovering the missing funds and investing her funds with a reputable Bank.

Kind Regards Mr Lubabalo Cekiso( Son) OBO Mrs Nofikile Cekiso(Beneficiary) Contacts: ********** 945