1 reviews | Active since Jul 2012
Discovery Invest reduce invested capital without permission
Me and my wife both invested a large portion of our pension money through FNB bank with discovery invest. (Have not had any response from FNB to this). We were brought under the impression that this was a very safe investment with income guaranteed and that at the end of the fixed 5 year period we would receive our full investment back as we did the previous 5 years. Government changed tax implications for discovery and other financial institutions. Discovery went ahead and made this our problem by reducing the amount we invested witch means at the end of the 5 year term we would received thousands less than what we originally invested. We were not given the option to cancel this investment but are expected to just accept it. Communication from discovery invest was received only after they made the decision to reduce our invested capital. Seeing that this was invested at a time when interest rates were lower we receiving less interest than we would if we invested with our normal bank if we invest it now and still have our investment guaranteed and i am sure Discovery benefits from this higher interest rates as well. I find this disgusting that they can change a written agreement in any way they please. We obviously will not invest with them again and hope this review would get people to think twice before investing with Discovery invest. If i had the money i would have really liked to test this in a court of law.
Thank you for bringing this matter to our attention. We are very concerned about your comments and want to do our best to assist you.
We will contact you on the details provided to assist you further.
Kind regards,
Discovery Invest.
Thank you for bringing this matter to our attention. We are very concerned about your comments and want to do our best to assist you.
We will contact you on the details provided to assist you further.
Kind regards,
Discovery Invest.
These tax laws state that Discovery can no longer write off 100% of there losses to tax but only 80%. So the way we see it this is to do with Discovery themselves and has nothing to do with our investment.. So to counter this Discovery instead of losing money through this they take it from their investers who had nothing to do with with the new tax laws implemented by the government. This has nothing to do with the client. This investment was made with our pension money to try and insure our future living cost.
Discovery absolutely refuse to budge by taking responsability for this tax change or to termenate our investment earlier without a big loss to us.
Shame on you for treating pensioners and investers this way
These tax laws state that Discovery can no longer write off 100% of there losses to tax but only 80%. So the way we see it this is to do with Discovery themselves and has nothing to do with our investment.. So to counter this Discovery instead of losing money through this they take it from their investers who had nothing to do with with the new tax laws implemented by the government. This has nothing to do with the client. This investment was made with our pension money to try and insure our future living cost.
Discovery absolutely refuse to budge by taking responsability for this tax change or to termenate our investment earlier without a big loss to us.
Shame on you for treating pensioners and investers this way