Misrepresentation of information

I am writing to urgently request assistance with transferring the funds in my Tax-Free Savings Account (TFSA) from Standard Bank to another institution. I have encountered significant difficulties and misinformation in this process and would appreciate your immediate intervention.

To date, I have spoken with three separate consultants who have all provided me with incorrect information regarding the transfer process. The responses I received were:

"You have to transfer those funds yourself as we do not do that." "You cannot do that." "Please withdraw the funds from the tax-free account and transfer them via your transactional account into the account of the receiving institution."

These statements are inaccurate as per point number 10 on your website, which clearly outlines the proper procedure for transferring TFSAs between service providers (please refer to the URL for reference: https://www.standardbank.co.za/southafrica/personal/learn/tax-free-savings-account-faqs#:~:text=Can%20I%20switch%20a%20tax,classified%20as%20a%20new%20contribution.):

Point 10 on your website reads as follows "Yes, but transfers can only be carried out between service providers. You will not be able to switch to another financial institution by withdrawing your funds from your TFSA and putting them into a TFSA with a different provider – that would be classified as a new contribution.

The Regulations define the following minimum requirements for a transfer between product providers to be deemed valid:

* A transfer certificate * The number of days within which a transfer must be effected * The type of information that must be passed on to the new product provider"

The misinformation provided by your consultants could have led me to exceed my annual contribution limit and incur penalties from SARS, which is deeply concerning. Is this what is advised to other clients that do not know any better? Look, I understand that not everyone understands/knows everything, but for all three consultants to struggle to understand what I needed and how they can help is gravely alarming.

Additionally, I visited the Alberton branch for assistance but had to leave after waiting for 45 minutes without receiving any help, as my lunch hour had ended.

Given these challenges, I am requesting your urgent assistance to facilitate the transfer of my TFSA funds to the new institution. Your prompt attention to this matter would be greatly appreciated.