Alleged Unconscionable Conduct by Old Mutual Pension Services Company Limited

CFTC received a complaint against Old Mutual Pension Services Company Limited on unconscionable conduct in carrying out trade in services.
The Complainant alleged that terms and conditions of the Protektor account included that after two years, he would be allowed to withdraw 50% of the account’s total amount upon maturity in September, 2021. However, the Respondent informed the Complainant that he could no longer withdraw the 50% as to do so would violate the Pensions Act 2011.
Following deliberation, the Commission found that the Respondent’s assertion was correct but that the Respondent erred in not having provided the complainant with that information in 2011 when the Pensions Act was enacted. The Commission thus ordered the Respondent to pay a fine of MK500,000.00 for engaging in unconscionable conduct.