Old Mutual Wealth, a company that provides financial advice, investments, and wealth management services, has received a fair share of complaints over the years. However, the company has put in place measures to address these issues, one of which is the Old Mutual Wealth Reviews ombudsman.
The Old Mutual Wealth Reviews ombudsman is an independent body that provides an avenue for customers to escalate complaints that have not been resolved internally. Here’s what you need to know about Old Mutual Wealth Reviews ombudsman.
What does the Old Mutual Wealth Reviews ombudsman do?
The ombudsman provides an impartial review of a complaint to ensure that both the customer and Old Mutual Wealth have been heard and treated equitably. Its mandate is to investigate complaints that have not been resolved to the satisfaction of the customer or that have not been addressed within eight weeks.
The ombudsman looks into a wide range of complaints, including investment mismanagement, misleading advice, poor customer service, and inappropriate investments. It is important to note that the ombudsman is not a regulatory body but rather an independent arbitration service.
What is the process of filing a complaint with the Old Mutual Wealth Reviews ombudsman?
Before escalating a complaint to the ombudsman, the customer must first raise the issue with Old Mutual Wealth’s internal complaints department. Once the internal process has been exhausted, the customer can then contact the ombudsman.
The customer needs to complete a complaint form provided by the ombudsman and attach supporting documents that will help investigate the complaint. The ombudsman may require additional information from both the customer and Old Mutual Wealth. The investigation process may take several months to complete.
Once the investigation is complete, the ombudsman will provide its findings, which may include compensation to the customer. However, it is important to note that the ombudsman’s decision is not binding on Old Mutual Wealth, and the company is not obligated to accept it.
How effective is the Old Mutual Wealth Reviews ombudsman?
The effectiveness of the ombudsman is subjective as it depends on the nature of the complaint, cooperation from both parties, and the ombudsman’s findings. However, the ombudsman’s annual report provides some insights into its performance.
In the 2020/21 financial year, the ombudsman received 2,182 new complaints, a decrease of 12% from the previous year. The majority of the complaints (85%) were about pensions and investments, and 47% had been referred by the Financial Ombudsman Service. The report indicates that the ombudsman resolved 1,634 cases, with 28% decided in favor of the customer.
It is worth noting that the ombudsman’s decision may not be the final resolution of the complaint as the customer has other legal options, including seeking redress in court. Nonetheless, the ombudsman provides a cost-effective and timely alternative for customers who may not have sufficient resources to pursue litigation.
What alternatives are available to customers?
Customers who are dissatisfied with Old Mutual Wealth’s response to their complaints may consider seeking advice from a financial advisor, a consumer protection organization, or the Financial Ombudsman Service.
The Financial Ombudsman Service is an independent body that resolves disputes between customers and financial companies. It provides a free service that is accessible to all customers, and its decisions are binding on financial companies. Its mandate covers a wide range of financial products and services.
In conclusion, complaints against financial companies are not uncommon, and Old Mutual Wealth is not immune to such complaints. However, the company has put in place measures to address these complaints, including the Old Mutual Wealth Reviews ombudsman. Customers who are dissatisfied with the response from Old Mutual Wealth’s internal complaints department may escalate their complaints to the ombudsman. The ombudsman provides an independent and impartial review of complaints, and its decisions may include compensation to customers. However, the ombudsman’s decision is not binding on Old Mutual Wealth, and customers have other legal options available to them.