Sanlam
Terminates service and charges termination fee

Sanlam and PPS have apparently had a dispute- it has been in the news. I have a RA with PPS, underwritten by Sanlam. As a result of the Sanlam-PPS dispute, they are not accepting any more premiums to the fund and advise us to move the account for various reasons... but here is the trick- if you do not move it to the Sanlam policy (which does not have the same security and benefits which we signed up to, then Sanlam will charge us over R18 000 termination penalty. I believe some other people are even charged over R100k.

I do not understand why a client must pay for a change caused by the service provider/s.
Where is the ethics?

Company: Sanlam
Country: South Africa
City: Pretoria/Cape Town

  <     >