GB
Glen B

1 reviews | Active since Mar 2014

04 Aug 2021, 21:34

Do not buy Standard Bank ETN's

I would like to enquire about your SBAOIL ETN that recently expired. I understand the concept that an ETN has an expiry date. My position was liquidated at a price of R10.88. I would like to get clarity on the following: 1. Can you please send me the breakdown of the calculation illustrating how you got to a price of R10.88.? The price was much higher a day or two before the liquidation. I know there was a bit of a pull back on the oil price but there was also a depreciation of the rand. Can you send me the daily closing prices of SBAOIL two weeks prior to the expiry? 2. Can you send me proof that you notified me of the expiry of SBAOIL which I held? I understand that it is required under TCF and especially the broader definition of TCF by the FSCA. I will appreciate your feedback. I have already phoned your call centre more than a week ago regarding this issue. The agent promised me that he will get back to me but did not. If you decide not to engage I will escalate it to the FSCA, the relevant OMBUD and other consumer protection stakeholders.

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Replies (1)
Standard Bank
Standard Bank's reply04 Aug 2021, 23:55
Official
 
Hello
 
Thank you for posting your comment. 
 
We assure you that as an organization we are committed to providing the best possible service and assure you that this will be addressed as a matter of urgency. 
 
We apologize for the inconvenience and undue frustration, this has caused.  
 
We greatly appreciate your continued support  
 
Kind regards, 
Complaint Resolution Centre
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