Complaint against Private Banker and Prestige banker and FIAS Compliance

Well I’ve decided to rather place my complain on this platform because I thought they take me serious enough.. instead my banker doesn’t call and I go into branch.. so I get a team leader who cannot make certain division. I then email the seniors who reports to a CEO. Doesn’t acknowledge my email and I get the same *********** private banking team leaders.. my *********** Private banker doesn’t really.. well I share my story with hello peter. It’s been 48hrs and weekend and not even a call

Good Day I am currently a private banker with Standard Bank and have various products with your organisation. I am a good standing client with you and have never defaulted in any payments in 15years. I am one that does not read my statement of my credit card and usually assume that the bank would deduct what is required and necessary. I notice on the 5th Nov 2019 two cash interest charges for over R3000. Please note my debit order of approximately R4500 a month and usually make a cash deposit of approx. R1500 because I would like to decrease my balance. I was surprised seen the cash interest payment because I don’t remember drawing out of my card. I called the bank and the lady explained that the cash interest is not necessary drawing out cash but it includes transfers between accounts is seen as cash withdrawal and other prepaid payments and it started back in 2015. I explained that I was not aware of this and she responded to say in patronizing manner that I should of read my agreement. An agreement that the presitage banker made me sign and not give me a copy because I assumed he knew what I needed and I trusted his advise. I message my banker that I would like to speak to her ASAP (Phakathi, Nyameka Innoscentia) and as per usual she has not contacted me to date. She never responds only if I am stern then I am heard. I dropped the call and said I would visit the bank for further clarity. I requested to see the head of Private Banking at the Menlyn Maine Branch and without success I got a Team leader in prestige banking. I cannot believe that there was no management at the office however once again it shows how Standard bank values me as a client. I explained my dissatisfaction with the charge of cash interest and when I received my credit card at the time the prestige consultant did not make me aware of how interest would of work. Instead they were pushing sales and just made me sign where crosses were and not provide a copy. If I was given sound advice and told about the how interest is charged, I would of not have made such stupid decisions like making inter account transfers and I would of rather paid with my credit card directly to avoid this extra cash interest been charge. The prestige banker back in 2015 was not FIAS compliant so they gave me a product and it is the responsibility on Standard bank to assess customer's financial needs before providing appropriate advice which the prestige banker was not able to. The prestige banker instead only advised me on traveling benefits when I got my credit card and hence I moved to private banking now because those benefits phased out because it just became a prestige account with no benefits. At menlyn the most insulting part was the Team leader persistence that the prestige banker at Brooklyn was FIAS compliant and then she later turned around and said they were working under supervision which is not true. I have never been in a situation where they had someone who was FIAS complaint supervise our transaction. Instead of been truthful, she **** trying to cover up that standard bank did not comply with the FIAS Act...because I know for a fact they were not and only because compliant around latest 2018 I would like to bring to your attention I was given a product by your prestige banker that was not FIAS compliant in 2015 when this charge began and on inception of my credit card, so they were not equipped to provide financial advice hence today I am stuck in a situation where I am paying the cash interest that could been avoided if I was advised correctly by competent person. The Financial Advisory and Intermediary Services Act aims to regulate financial service providers by protecting us as consumer against improper conduct by banks or other financial service providers. FIAS aims to protect customers from investment advice, regulate the selling and advice-giving activities of banks and other providers that is not sound and services that are marketed in a manner that is not in the best interests of me as your client. My second complaint is my private banker has not managed to service me competently and has not been able to negotiable good deals on my behalf, I previously had to get the VAF Head at standard bank to intervene when she failed and refused to negotiate my interest rate. I would like my cash charge interest to be s****ped and should be included in normal credit card interest going forward and the cash interest that I already paid must be paid back into my credit card. If we are not able to reach an amicable solution going forward I will be taking the matter to the ombudsman and moving my products to other banks. I am trusting that your office would assist me in this matter Regards