RS
Rachel S

1 reviews | Active since Mar 2019

15 Jun 2020, 11:04

TAKING ADVANTAGE OF CLIENTS

I had an investment account which I used to contribute just over R400 per month, however I went to Southgate Branch to see if I could get a portfolio which could me better interest, I was assisted by Thomas Skhosana whom advised that i should cancel the investment I had and take the Max Investment account which he claimed was much better returns, he even advised that I increase my monthly contribution which I did to an amount of R1200 which increased by 10% annually, two years later when I went to check on my investment I found out that I only had R26377,39 and when I’ve calculated what I’ve already contributed R30240, so all this didn’t make much sense to me, especially because I was expecting my money to grow instead of depreciating. To make matters worse I was advised that if I surrender my money I’ll only get R23791,15 the rest will be taxed which is another one of important pointers I was never advised about. I am not happy I just want my money back I cannot be scanned by such a big company with out just cause, I trusted the advisors at the branch but clearly they have no best interest of their clients at heart if anything they are only looking out for their own pockets...It makes absolutely no sense for a qualified advisor to advise me to take an investment that takes away my money and leave the one that give me interest...I just need my money back otherwise I’ll have to escalate this matter

0
Replies (1)
Old Mutual
Old Mutual's reply17 Jun 2020, 13:24
Official
Dear  Rachel Sebopa 

I acknowledge receipt of your complaint. This matter will be investigated and I will be in contact with you.

Regards

Thabiet Mintin
Old Mutual Complaints Management