Unreasonable restriction on payments

Have been advised that it is Old Mutual company policy to pay life insurance proceeds into a South African account only - although the beneficiary is overseas and has no South African account.

This creates a significant burden on the customer. There is nothing preventing Old Mutual legally or regulatory from paying into an international bank account in the name of the beneficiary (the individual will sign the necessary forms). When asked why this is policy, they were unable to explain.

Was then advised that if the beneficiary cannot open a South African account, they should alternatively ask a third party that holds a South African bank account and will need to sign an indemnity. No exception was allowed.