X platform users accuse Old Mutual for not paying their cover

Picture courtesy – Old Mutual shared Facebook image

Masego Mosipa

Old Mutual, a reputable financial services provider with over 175 years of experience under its belt, seems to have lost all that credibility. What started as a tweet by the daughter of their former client led to a nationwide uproar and hundreds of other clients coming forth as victims.

The X platform user under the handle @Seba_S_M (Sebabatso Molefe) tweeted; “Dear @OldMutualSA please advise why you are refusing to release my mother’s money even though a court order has been provided. You are in contempt of court and I am about to lose my cool right now” on March the 5th 2024.

A tweet which was followed by a reply from Old Mutual stating they have made their views clear to the payment-seeking clients and are going to proceed with the legal representatives of the clients in question Mr and Mrs Molefe, for an amicable solution. What was to follow no one saw coming. Hundreds of X users came out with similar grievances and shared their stories on how Old Mutual once refused to pay out or deducted quite a heavy amount from the sum of the expected payout.

These alleged stories, ranging all the way from 1998, one wonders how many more clients have been let down by this financial services provider. From trending number one on the X platform to the situation getting worse for the company, with former employees coming forth confirming how Old Mutual had, at times, actually done what the clients are reporting. One such former employee who chose to hide their identity even reported that should any client they were responsible for helping default in payment, it is then the employee’s responsibility to pay.

This is quite concerning considering the number of years the financial services provider has been in service. Some say with all its accolades and years of experience under the belt,Old Mutual could have dealt with the situation better and avoided all their dirty laundry in the public eye like this.

While the majority are glad such news came to light, as it possibly saved them a world of stress, having to undergo similar unfortunate treatment from their trusted policy provider. Like any other cancel culture trajectory, South Africans then took to social media platforms and urged one another to cut ties with Old Mutual. The disaster for the company lasted through the weekend. Quite a few clients have already cancelled their policies, while others are seeking advice on how to transfer to other financial service providers. By Monday, the stocks were expected to be down by 0.41% and were steadily declining further. With the #OldMutualMustFall persisting into the new week, one wonders how things will pan out for the FSP, with current employees already concerned about their jobs in this ruthless South African economy.