DISCLOSURE OF THE WRONG KIND
A short swift kick in the pants for linked-investment services provider Automated Outsourcing Services (AOS), which provides the administration platform for most of the exchange traded funds. It managed to send out quarterly Satrix statements addressed to a Dr L – and it provided every other investor with his email address.
AOS assured investors that the “unfortunate error was technical in nature and has no effect on the status or integrity of your investment; and your confidential and personal information was not disclosed to a third party” – except Dr L, that is. This is unacceptable. The question must be: what other technical errors AOS can and does make.
And while on the subject of administrative platforms such as AOS: why do they charge a percentage of assets for an administrative service? Some of their charges are ludicrous. They should be limited to a rand amount.
Most of these platforms are simply a licence to print money, particularly when they have cosy little kickback arrangements with asset management houses. They contribute to undermining the creation of a savings culture.