Standard Bank Executors and Trusts Non Compliant, ******* and Useless- don’t lose them for your trusts

Terrible service and non- compliance by SET, the persons managing my trust account left to me by my late mother, have mismanaged the investment and cannot produce the regulatory proof for Fit and Proper, FICA and FAIS documents saying what they have done. Their management fees far outweigh what pittance I receive from the trust, which I have to live on. I used to receive R5000/m and it is now R300 if anything. They cannot give me any information, Ralien v Aswegan and Keshma Valladh ( her boss) don’t answer any questions; don’t get back to me and are absolutely rude to me when I query anything. Having worked in Financial Services, I am aware that what they are doing is against regulation. I have escalated this to Standard Bank Complaints Dept on 3 occasions, in writing, to no avail. I get brushed off.

To anyone thinking of leaving money in trust with Standard Bank, I DO NOT recommend it. When you pass on, your beneficiary will just be a number; ***** could be taking place, etc, and they will be treated as I have been treated. I have no voice over the money my mom left me in trust. Can you imagine if I was a minor, and this money had to feed me and keep a roof over my head- I’d be wondering the streets by now, or be dead!

This morning I had to chase them to find out when my money will be paid this month, some months it just doesn’t happen unless I chase up with emails and threats, who gets the interest while they are delaying? Certainly not me.

I am escalating this to the Regulator/ Ombud should they not answer me within 7 days. What has happened to my money? Has the proceeds and compliance paper trail of R500k just vanished?????