MV
Michael V

1 reviews | Active since May 2013

21 Feb 2020, 11:49

*********** and problematic service

On 28th January 2020 I submitted a withdrawal instruction to LISPInstructions at Stanlib on my mother's investment, with a Power of Attorney document authorising me to make the withdrawal on my mother's behalf, as she is incapacitated. I have since submitted a second withdrawal instruction, as these funds are required to pay for care my mother requires as well as renovate her home for sale. I have submitted many queries to STANLIB, with no response. On Friday 14th February 2020, I visited the offices in Melrose Arch and requested information on why the withdrawals were not being processed. I was advised at Investments that I needed to submit doctor's letters to prove that my mother is incapacitated and that I am authorised to hold Power of Attorney, as my mother was contacted with respect to the withdrawal instructions, and denied that I had Power of Attorney. She did this, as with her dementia she is unable to recall vital information, which is the reason I have Power of Attorney. I submitted the doctor's letters to STANLIB on Tuesday 18th February 2020. On Friday 21st February 2020, I called the STANLIB Contact Centre to establish the progress on the withdrawals, which are now beyond urgent. I was advised that they could not process the withdrawals (funds being transferred to my mother's account) as I need to apply to the High Court with the doctor's letters to establish myself as administrator or apply for curatorship. I do not understand how in nearly a month, no one could advise me of this, no one returned my call on queries on these transactions nor responded to a complaint I logged on the STANLIB website. STANLIB have created a huge financial dilemma for my mother, a valued client and I find their service as a whole, problematic. I will be taking this further and eventually, closing this investment due to their complete lack of service and communication.

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