SA ombudsman declares Old Mutual fund mis-sold

The South African Ombudsman has instructed Old Mutual to compensate a pensioner for losses incurred from Dynamic Floor Fund, which allocates between equities, property and cash with the aim of preserving 90% capital over a rolling 12-month period. Hermanus Gerhardus Raman of Centurion, Pretoria, who bought the fund in April 2006, was awarded ZAR40,359 ($5,000) for losses on his initial investment of ZAR560,000 ($76,000), according to Insurance Times & Investments . Charles Pillai, South Af