NB
Nic B

1 reviews | Active since Mar 2023

25 Mar 2023, 15:27

Terrible experience with transfer of funds - Avoid at all costs

My employer chose to liquidate our provident fund with Sanlam in 2020. The liquidation process was started in 2021. Sanlam provided minimal guidance to employees with transfer of funds, with almost no communication around the transfer process. I opted for a Section 14 transfer to a different investment fund so that I could start a retirement annuity. It has taken over 2 years, and I have still not seen a transfer of funds. My new investment manager has spent 2 long years trying to communicate with Sanlam to facilitate the transfer but they have been repeatedly lax and non-communicative. I have called them multiple times to find out how I can help to move things along, and every time I call I have to explain things from scratch, talk to new people and get another run-around. This has been the WORST customer service experience I have ever encountered. Sanlam seems to be sitting on my funds, unwilling to facilitate transfer, preventing the effective payout into my new RA, effectively *****ing money from me with every passing month. I would caution anyone against choosing Sanlam as an investment services provider. Their processes are opaque, their customer service seems to have no connection to the rest of the operation, and they do not work well with others in the industry. Look elsewhere, for your own good.

0
Replies (4)
Sanlam
Sanlam's reply27 Mar 2023, 08:28
Official
Good day Nic

We apologise for the negative service experience.  Your complaint has been escalated to the relevant team to assist you.

Regards
Sanlam Client Care
Sanlam
Sanlam's reply27 Mar 2023, 10:15
Official
Hi again Nic

We have received feedback that a consultant tried to call you but was not able to reach you.  They have sent you an email to acknowledge your complaint.

Regards
Sanlam Client Care
NB
Nic B's update31 Mar 2023, 14:21
Reviewer Update
Update: Sanlam Client Care works!

Sanlam resolved my issue within days of submitting this review. Great thanks to all at Sanlam for checking HelloPeter and resolving issues speedily.

Sanlam
Sanlam's reply31 Mar 2023, 15:02
Official
Good day Nic

We thank you for your valuable feedback.  We wish you a great weekend.

Regards
Sanlam Client Care