During 1999/2000 I purchased Stanlib shares through Helen Mckenzie who advised me the annual fee would be approx 1% pa, taking into account a 6% entry fee.
Stanlib did not reflect fees on its statements so it was many years later that I discovered that the fee was approx three times higher and so I contested this with Stanlib who stated that on discovering the high fee I should have sold my shares immediately even though the market was down and I would have suffered heavy losses and that this matter was now closed.
On the Stanlib web site fees are stated as 1, 35% but in fact are now approx double this percentage with only Paul Hansen of Stanlib reflecting the correct fee on his Stanlib fund.
I sympathize with all those who invested with Stanlib only to discover that 13 years later the only party to profit from their investment was Stanlib.
Shame on Stanlib for not even investigating the matter and its dismissive attitude towards its clients.
It's surprising that Standard Bank is the best SA company I have dealt with and an associated company Stanlib the worst.
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