EXTREMELY POOR SERVICE FROM SANLAM INVESTMENTS!!!

So last December 2025 I decided to open a tax-free savings account (TFSA) with Sanlam Investments under my dauhter's name, hoping to invest for her tertiary education. In January this year the first premium was deducted from my bank account as agreed. And I was happy that I had started saving with SANLAM.

The problem started at the end of January this year when I enquired with the financial advisor (who was based in Richards Bay at the time), if I could deposit a lump sum into my tax-free account in order to take advantage of the maximum annual amount payable during the 2025/2026 tax period - which was due to end by February 2026. The financial advisor requested a few details from me, then sent feedback with details on how I could deposit the lump sum. I was able to first confirm with FNB that the bank details were indeed for Sanlam, then proceeded with the deposit and used the reference as supp**** by the financial advisor. I made the deposit on the 29th of January 2026, but that amount has never reflected in my daughter' TFSA!

I have been doing follow-ups with the same financial advisor since the first week of February, but she has been struggling to assist me because she was not getting support from the relevant department/s. The staff in those department/s were doing their very best to keep sending us from pillar to post, requesting one item after another, etc. The financial advisor had been sending me updates that she was trying to escalate my issue, but was not getting any joy.

On the 13th of February I got some feedback again from the financial advisor, informing me that none of the department/s that were contacted could help since I opened the TFSA online - therefore I needed to call whoever referred me online for assistance! Since I could NOT understand how SANLAM could not assist us with the account that is in their system, I queried further but no one could make me understand this. This is when I decided to stop doing any business with SANLAM, because it is clear that for the past 5 weeks SANLAM was just punishing me because I opened the TFSA online & not at the branch. This now raises another question: Why make the facility to open an account available online, when you know very well that your clients are going to struggle later when they need assistance?

I had to go to the branch (Richards Bay) to ask them to call the right department in order to cancel the debit order and reverse all monies that I had already paid, this is still in progress. I am expecting SANLAM to drag the cancellation process too for another 5 weeks - because they have shown me that they can!

I regret doing business with SANLAM, as that has caused me nothing but frustration and stress instead of a peaceful investment. The treatment that I got from them is proof that THEY ARE NEVER THINKING AHEAD. Going forward I will never even look at the direction of a SANLAM building. 😢