Stay Away from Old Mutual – Misleading Advice, No Support, and No Accountability

I opened a Tax-Free Savings Account with Old Mutual and was assigned a financial advisor named Fazlyn Isaacs. She told me I could withdraw funds at any time. That was completely misleading. When I eventually tried to withdraw, Fazlyn became unreachable and stopped responding altogether.

Since then, I’ve been trying to cancel the plan — and it’s been a nightmare. No one at Old Mutual can direct me to the correct department. I’ve been passed around from one call centre agent to another, each giving me different (and often wrong) information. Meanwhile, they continue to debit my account every month.

One agent told me cancellations can be done via WhatsApp. I tried that, only for the WhatsApp bot to respond that cancellations can’t be done via WhatsApp. When I called again, another agent finally admitted they don’t have a proper cancellations line and said I’d need to visit a branch in person.

After repeatedly chasing the advisor, she eventually sent me cancellation forms to complete. I submitted everything — and she vanished again. No confirmation. No follow-up. Nothing.

I wasn’t even asked to submit documents when the plan started. I had to nag just to get access to the plan through the app. The entire process has been unprofessional, confusing, and frustrating.

Old Mutual’s advisors don’t seem to know their own processes. Their customer service is disjointed and unreliable. I seriously regret trusting them with my money. I wish I had read the reviews before signing up.

Do yourself a favour: don’t invest with Old Mutual.