Old Mutual says it is ready for Two-Pot and all rules for funds to be administered have been approved by the Financial Sector Conduct Authority FSCA.
Old Mutual would like to inform all customers that its Two-Pot implementation process will take place in two phases. This will ensure the system can handle the large volumes of withdrawal applications that we anticipate as well as ensure that the applications process is safe and seamless with as few glitches as possible, it says.
Most importantly, the company says it urges customers to use this time to speak to their financial advisers and update their personal details. Correct information will help them process applications swiftly and accurately and help prevent fraud.
All Two-Pot transactions will be conducted via the Old Mutual channel on WhatsApp, which is safe and secure and equipped to handle the over 600 000 applications that we anticipate when the system opens for withdrawal submissions, the group says.
Old Mutual Two-Pot withdrawal process
