1 reviews | Active since Oct 2014
STANLIB ****S INVESTOR MONEY INTO OBLIVION
On the 10th of March 2015 switch instructions carried out by STANLIB resulted in all switched monies to vanish. This means that many investors' money is now unavailable and to reconcile the amount of heart attacks that this might cause would be futile.<br> <br> After a call inquiry it was indicated that this unfortunate event affected all switches that was performed on that day and that it was due to a technical fault on STANLIB's side and they would address it promptly and provide feedback on progress.<br> <br> A day thereafter there still was no response. A second call was launched and again the issue was prioritised, but no feedback was provided as of yet and the issue had not been sorted.<br> <br> This is a serious problem as it involves millions of Rands worth of investor's money and inhibits the natural growth of the involved moneys on day to day stock movement and STANLIB seems to ignore the fact that STANLIB made people's total retirement portfolio savings disappear in this 'mistake'. Please fix this and compensate involved clients for inhibited growth.<br> <br> Last minute update just as this complaint was being typed up a response was received indicating three to five days in sorting out this issue.
Please accept our sincere apologies for the inconvenience and anxiety that this switch incident may have caused you.
As a rigid adherer to all legislative and regulatory requirements of the investment industry, STANLIB observes a very strict governance code. The word **** can be deemed as rather inappropriate.
Our consultant called you just after 1pm and you mentioned to her that you had raised the issue on Hellopeter. She has sent you an e-mail confirming the resolution of your transaction problem. The issue was caused by a glitch in the switch function on our secure Online system which is not allowing the automatic processing of the switch transaction instruction. This has been caused by system update synchronisation issue. As explained to you, our IT team has undertaken to resolve the problem as quickly as possible.
In the interim, we are using daily reports from the Online system to process all switches manually. The switches are processed in accordance with the value date on which the investor posted the instruction on the secure STANLIB Online system. All instructions are recorded and tracked.
Warm regards
Barbara Egan
on behalf of the STANLIB team
Please accept our sincere apologies for the inconvenience and anxiety that this switch incident may have caused you.
As a rigid adherer to all legislative and regulatory requirements of the investment industry, STANLIB observes a very strict governance code. The word **** can be deemed as rather inappropriate.
Our consultant called you just after 1pm and you mentioned to her that you had raised the issue on Hellopeter. She has sent you an e-mail confirming the resolution of your transaction problem. The issue was caused by a glitch in the switch function on our secure Online system which is not allowing the automatic processing of the switch transaction instruction. This has been caused by system update synchronisation issue. As explained to you, our IT team has undertaken to resolve the problem as quickly as possible.
In the interim, we are using daily reports from the Online system to process all switches manually. The switches are processed in accordance with the value date on which the investor posted the instruction on the secure STANLIB Online system. All instructions are recorded and tracked.
Warm regards
Barbara Egan
on behalf of the STANLIB team