Withholding my investment funds

Wow, I tried to withdraw funds from my Satrix40 funds and once cleared I duly attempted to transfer these funds to my personal bank account.

Well they’re sold the investment funds and they are in my Satrix taxable investment but I cannot withdraw these funds as they’re locked.

The reason apparently is that because the funds originate from a debit order to my bank account, I have to wait 40 days.

***

They maintain this is to prevent *****.

In addition, this is the first I’ve heard of this new rule. At no time was I advised that this rule would be implemented.

So essentially my funds are not immediately available as they claim.

I’ll now have to cancel my debit order and manually transfer my investment in future.