Absa apologises to customers locked out of Stockbrokers accounts due to upgrades

accreditation
Many Absa Stockbrokers customers have been locked out of their accounts, causing panic and frustration among those who are worried about the safety of their investments.
Many Absa Stockbrokers customers have been locked out of their accounts, causing panic and frustration among those who are worried about the safety of their investments.
Elvira Wood

Some Absa Stockbrokers customers have been locked out of their accounts following an upgrade of the platform, causing frustration - as well as concern about the safety of their investments.

Clients took to social media expressing their frustration after access to their accounts were revoked for no reason. Making matters worse was that customers' emails weren't responded to, while some reported that their calls aren't being answered either.

"I am rather concerned as I do not know whether my investments have been stolen or what is going on," an Absa Stockbrokers account holder told Fin24. 

Bongani Mageba, the managing executive of non-banking financial services at Absa Retail and Business Bank, told Fin24 that login problems resulted from the recent upgrade of the Absa Stockbrokers website.

As Absa started migrating clients to the new platform in the past few weeks, some were locked out of their accounts.

"The upgrade is intended to provide clients with an improved online trading experience and better security, but we are aware that some clients have experienced issues following the migration. We would like to apologise to clients for the inconvenience and would like to assure them that the platform is working," said Mageba.

He said Absa was busy taking steps to improve clients' experience, including improving communication to the affected clients and increasing the capacity of its call centre to deal with queries. 

Get the biggest business stories emailed to you every weekday.

 Go to the Fin24 front page.

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
Rand - Dollar
14.35
-0.0%
Rand - Pound
19.81
-0.0%
Rand - Euro
17.08
-0.0%
Rand - Aus dollar
10.76
-0.0%
Rand - Yen
0.13
-0.0%
Gold
1,764.62
0.0%
Silver
25.81
0.0%
Palladium
2,467.49
0.0%
Platinum
1,038.50
0.0%
Brent Crude
73.51
+0.6%
Top 40
59,504
-1.5%
All Share
65,635
-1.4%
Resource 10
60,958
-1.7%
Industrial 25
87,956
-1.3%
Financial 15
12,995
-2.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Voting Booth
Should government have assigned a majority shareholding in SAA to the private sector?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes, It's a good decision
62% - 114 votes
Not a good move
11% - 20 votes
Too early to tell
28% - 51 votes
Vote