Old Mutual controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2019
Peter Moyo executive dispute
Old Mutual suspended chief executive Peter Moyo, citing a material breakdown in trust and confidence between him and the board. The dispute led to litigation and a period in which Iain Williamson served as acting chief executive.
2019
Old Mutual apologizes after delayed funeral-claim payout
Company response
Old Mutual said it regretted the stress caused by a delay in paying Sifiso Mtshali's funeral claim. The company said the claim was paid on November 15 and that it would take steps to accelerate and improve further claim assessments.
Stated objective. Make additional claims assessment processes easier and faster.
Company response
Apology — Old Mutual
we are deeply sorry for the delay.
Remediation — Old Mutual
we will be taking steps to accelerate and improve the way we verify those claims that need to be assessed further.
Source excerpt
“Although every attempt was made to settle the claim as speedily as possible, we are deeply sorry for the delay. We are committed to doing better and we will be taking steps to accelerate and improve the way we verify those claims that need to be assessed further.
The claim was paid out on Friday, November 15, it added.
Old Mutual says it deeply regrets the stress caused to the family of Sifiso Mtshali due to a delay in paying out his funeral claim.
2003
PBHG funds market-timing enforcement matter
The PBHG funds associated with Pilgrim Baxter & Associates, a business within the United Asset Management portfolio acquired by Old Mutual, were among funds involved in market-timing charges brought by US authorities. The funds were later renamed and absorbed into Old Mutual’s fund group.