BROKEN PROMISES ON BIG MESSUP OF FUNDS SWITCHED

<p>Fund switches were submitted for twin brothers on all their products on 20 Feb 2017.. At that time the funds were exactly the same and they both switched into the same new funds. Very straightforward. The values on the twin brothers products were all the same before the switch and worth mentioning, it is very important to them to have everything the same.</p> <p>Due to the company previously making mistakes on the twin brothers products, I hope this time everything will go smoothly. On 28 Feb 2017 I followed up and I received confirmation the switches were all processed and a statement will be sent as soon as it reflects on the system. In the meantime I looked everyday and the funds were very far from correct. The twin brothers even received confirmation letters from the compnay to inform them the switches were processed.</p> <p>On the 1st of March 2017 I contacted the consultant and requested her to please follow up and make sure the swiches are done correctly because it is a big mess. I received a phone call the same day from an assistant , confirming she spoke to a person at their head office and it was processed correctly.</p> <p>Well, the funds were all from correct. The broker then contacted the regional manager which in turn then referred him to a senior manager/officer . On the 3rd of March the senior person phoned and apologised for the mess and in writing promised the funds would be switched into the correct funds according to the forms completed. Please see the following:</p> <p>As discussed below is the plan of action for each of the three issues you raised with me today<br />Twin 1<br />• – RA; Switch incorrectly processed. A further switch will be done to get the correct allocation to each fund selected by the client. Once done we will do a recon and then if the client is in a worse position because of our error we will make good the difference. Should they be in a better position they will retain the profit.<br />• – IA; Switch incorrectly processed. A further switch will be required to move the assets from the Foord Equity Fund to the PPS Equity Fund. Once done we will do a recon and then if the client is in a worse position because of our error we will make good the difference. Should they be in a better position they will retain the profit.<br />Twin 2<br />• – RA; Switch incorrectly processed. A further switch will be done to get the correct allocation to each fund selected by the client. Once done we will do a recon and then if the client is in a worse position because of our error we will make good the difference. Should they be in a better position they will retain the profit.<br />• – IA; Switch incorrectly processed. A further switch will be required to move the assets from the Foord Equity Fund to the PPS Equity Fund. Once done we will do a recon and then if the client is in a worse position because of our error we will make good the difference. Should they be in a better position they will retain the profit.<br /> <br />I will ensure that correspondence for these fixes are not sent and will send you the recon calculations before we make any corrections. For the twins we will ensure as far as possible that we align their values.<br /> </p> <p>We were asked to please allow 7 days to have everything done and fixed. By the 15th of March 2017 we still had no feedback. The twin brothers contacted us and wanted to know when the funds will be corrected as they had a look at their portfolios and NOTHING was done. An email was sent to the senior person on the 15th of March 2017, no response.</p> <p>Two weeks later since the promise were made and no feedback or response. Not even the consultant bothered to at least try and resolve the problem and contact the twin brothers or us.</p> <p>The funds are still not correct. </p> <p>I am sick and tired of hearing excuses, because nothing gets done about the problems. I warned them to please keep an eye on the switches as a lot of stuff has gone wrong on the twin brothers products and we do not want a repeat .</p> <p>It is the twin brothers money and their investments and they invested with this company believing the company will look after their investments and treat them with respect.</p> <p>And how are they treated? I will never treat my cat the way the twin brothers was and is treated.</p> <p>Is there anybody in the company that can say, you know what, we made a terrible mistake with the switching of funds, but we as a company want to have it sorted out and corrected as fast and as good as possible? </p> <p>Furthermore, how can the person responsible for the switching of funds not check the funds after switching ? How can you make a mistake and just let it go ?</p> <p>I have no words to describe the frustration and disappointment I experienced and am still experiencing with the company .</p> <p>There is just to much of our time being wasted in trying to sort out over and over again the messups of the company. </p> <p>You made promises on the 3rd of March . I do not care how you do it or when you do it, but make sure it gets done correctly and by no later then the 24th of March 2017. You have been given more than enough time.</p> <p>I want the statements on all of the twin brothers products by the end of the business day 24 March 2017, reflecting the correct funds as per the forms completed and the values aligned between each of the twin brothers products.</p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p>