Why does it take so long for my pension/provident fund benefit to be transferred?

Pension fund administrators, (especially government administrators) have in-house rules and regulations by which we need to abide. Financial Fitness has no control over the length of time it takes for the instructions to be processed. As a rule of thumb government employee schemes take 4-6 months to process a transfer while non-government funds take up to 3 months.

Can I have copies of the medical /lab work that I have done for my insurance?

Yes you can, but these cannot be handed directly to you; they must be posted or faxed to your nominated doctor. Insurance companies are legally not allowed to hand these results directly to clients as the medical information therein calls for medical interpretation by qualified persons. Should you require these copies please advise your financial planner and they will gladly make the necessary arrangements.

How long does it take to process the surrender of a policy?

A surrender takes 5-7 working days to process as it sometimes requires an actuary to confirm the surrender value. This is subject to the correct documentation being provided:

  • 1. A fully completed and signed surrender form
  • 2. Copy of ID
  • 3. Proof of bank account details
  • How long does it take to do a withdrawal?

    A withdrawal from an investment takes 3-5 working days to process provided that the correct documentation is received:

  • 1. A completed and signed withdrawal form
  • 2. Copy of ID
  • 3. Proof of bank account details
  • Why do I need to sign an additional form each time I invest money?

    All investment companies comply with the numerous laws instituted by our government. The laws and requirements are often changed so the information needed may not be reflected on the old documentation. In addition, it is ethical business practice that new documentation is signed as confirmation of your request.

    Why does it take so long to affect an increase in payment to my unit trusts?

    While we may have the proof of deposit, the investment company has to receive those funds in their bank account before processing the request. The processing of the request also has cut-off times so this may cause a delay in your request. In addition, units need to be purchased and allocated to your investment which takes up to two days to complete. Other administration delays are caused by forms not being fully completed and signed and incomplete documentation.

    Why can’t my proceeds be banked into my partner’s bank account?

    FICA does not allow third party payments. However, should you have signing powers on the account and your bank is able to provide us with an official letter to that effect, the money can be transferred into your partner’s account.
    Please bear in mind that we are bound by law to request FICA documents from all our clients.

    Why do I need copies of my ID, Utility Bill and Bank Statement when I invest in a product?

    The Financial Intelligence Centre Act (FICA) requires all providers of financial services products, to collect identification documentation from their clients. These documents include:

  • 1. Copy of Identity Document or Passport
  • 2. A utility bill as proof of your residential address
  • 3. A bank statement or cancelled cheque – We cannot accept internet statements or third party payments
  • 4. The first page of your tax return (or any document from SARS) as confirmation of your SARS reference number
  • Please note: Some institutions may request that these documents be certified by a commissioner of oaths as well as 3 specimen signatures on the copy of ID.