Old Mutual
Max Investment RA - Nobody knows how it works

I have an Old Mutual Max Investment RA which I started in 2006. On 7 Feb 2013 I looked at a statement of the RA and noticed that every month I was charged a Plan Charge - fine. What did get me a little curious was the fact that it increased every month! After looking on the website and seeing that their first selling point for the plan says "Competitive pricing-You benefit from a transparent charging structure where the more you invest, the lower your plan charges will become as your investment value grows" I decided to call Old Mutual and was told by the call centre agent that she did not know why it goes up and that she cannot put me through too anyone that does know why! I was told that she would submit a query on my behalf and that someone would contact me in 5 -6 days! 5 -6 days is how long it takes Old Mutual to do anything - even reply to my emails. After multiple calls and emails, it's now been 18 days and nobody can tell me why the plan charge increases, when I will start paying less and what the so called transparent charging structure is
The last person I spoke to was Nadia Hendricks who assured me that a Actuary would contact within 24 hours - 5 days later NOTHING!

Company: Old Mutual
Country: South Africa
City: RA Division

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