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Ted V

1 reviews | Active since Dec 2013

19 May 2015, 11:23

Standard Trust - Poor Service

My father in law passed away in 2009 and left monies in Trust with Standard Bank for distribution amongst his family on the death of his wife. Despite Standard Trust having drawn fees of, I estimate in the region of R 500,000 from the trust, the corresponding service received has been atrocious.<br> 1. No interest was shown by Standard Bank in giving financial advice and/or establishing a balanced investment portfolio to protect the interests of the beneficiaries specifically with regard to inflation and rising costs.<br> 2. On winding up the Trust, which was simple and straightforward, I was advised it should take weeks, it took ages for funds to be paid out to beneficiaries. <br> 3. Despite numerous requests to advise beneficiaries on the capital gains tax consequences in withdrawing funds from the trust, no such advice has been received to date.<br> 4. No worthwhile accounting records of the winding up of the trust have been received to date.<br> 5. At no stage have the beneficiaries received a letter of some sort setting out the procedure in winding up the trust, their rights etc.<br> I think this is very poor service for the astronomical fees charged.

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Replies (1)
Standard Bank
Standard Bank's reply20 May 2015, 09:18
Official
Hello Ted7777,

Thank you for your posting and allowing us an opportunity to investigate your complaint.

This matter will be assigned to a resolution specialist who will contact you to resolve your complaint.

Kind regards

Complaint Resolution Centre
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