The editorial of the January 11 – ‘Managing financial risks’ – speaks volumes.
I am in dispute with my brokers as they are refusing to tell me who is the person in the company entrusted with the monitoring and purchasing and sales of my holdings, held under the discretionary portfolio.
Another problem which arose and to which I have, as yet, not received a reply is that one of my holdings was transferred by them to execution basis only. Which means the brokers would not do anything unless I give specific instructions.
It so happens that, without consultation, the company took the responsibility of accepting a corporate action where the due date was extended to 2020.
This was never communicated to me nor the fact that the minimum amount to be held was increased to $150,000 and which amount I did not have.
To complicate matters even further, the broker, without my knowledge or acceptance, decided to sell my holdings.
The problem is that had I held to the original bond I would have realised a higher margin of profit since the price is now trading in the 93/95 level and an additional five per cent if I held holdings till due date.
The broker is not only refusing to answer my letter but hasgiven me 60 days to takemy account elsewhere.
How’s that for service!