Based on the current case of a deceased person, probate and Old Mutual playing hide the assets
Beware of investing with Old Mutual, a UK-based company that has undergone multiple name changes, now known as Quilter plc after its last rebranding, and UTMOST and a spinoff insurance company named Alpha International.
This organization has a notorious reputation for opacity, operating across various jurisdictions which complicates tracking their activities. You’ll find yourself mired in a complex game of hide and seek if you attempt to close or withdraw your money while still alive. When you’re dead Old Mutual employs an array of obstacles to prevent straightforward resolutions, even involving offshore vehicles that were once seen as beneficial but are now largely unnecessary.
Your money would arguably be safer and more accessible in your account or safe.
I’ve personally been fighting one of these cases for over three years with no end in sight, highlighting the difficulty in navigating their byzantine policy structures.
On occasion, they’ve sent forms to elderly clients, like in this case where the client had Alzheimer’s, making it hardly fair play. My client tried to close his account for 1 year and as he is old and senile he was inundated with forms and demands that were all wrong. Later the company admitted they had misled him and offered him compensation of 500 GBP . He became so frustrated with the shell game that he committed suicide and this only complicates matters.
Two ombudsmen have intervened, attempting to enforce fair play, but the policies are so convoluted that meeting Old Mutual’s demands is nearly impossible. A particularly nefarious aspect of their policy design requires signatures from deceased individuals for the transfer or dissolution of trusts. This obvious impossibility seems intentionally engineered to thwart any attempt at closure or change. Be cautious; this might not be the trustworthy partner you’re looking for in financial matters.
NOT FINANCIAL ADVICE just the facts
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