CS
Charles S

1 reviews | Active since Jul 2011

10 Apr 2017, 17:08

Is Discovery committing *****?

<p>i invested over 1.1 mil rand with discovery in nov 2015. fast forward to march 2017 and ive lost 120k. zero growth i would have better off putting the funds in a standard savings account. i decided to disinvest and completed the required paperwork. discovery informed me via my broker that they dont accept electronic signatures so i printed the docs and sent them back the same day. my broker sent the docs to discovery the same day. i signed a statement of account for a certain amount however the funds i received was 10k less than the statement amount. discovery claims the forms were sent back the day after the statement was issued and the difference in value is due to the market value. however this is an absolute lie and i have proof that the forms were sent to them the same day, in my opinion discovery's actions constitutes *****. now i have to wait a mandatory six weeks for an answer? this is *******. i have two other life policies and medical aid with discovery which i will cancel. how can i trust a company to deal with matters when im gone if they are trying to de***** me when im alive! after losing a considerable amount of money in the discovery fund i would never invest with Discovery again. if you read this you can make up your own mind i cant warn you because that would be ******* and seeing how discovery goes about dealing with clients and their money they will most likely sue me for defamation. best of luck i suggest you read the other comments on this platform to make an informed decision about discovery.</p>

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Replies (1)
Discovery Invest
Discovery Invest's reply19 Apr 2017, 12:36
Official

Thank you for your comment.

I have sent you an email which addresses your concerns regarding the disinvestment of your funds.

As explained, Discovery Invest unfortunately have no control over market movements. Further to this, one should also remember that had the markets performed favourably during your withdrawal process, then you would have received the higher amount vs the original quoted amount. I confirm that Discovery Invest processed and paid your withdrawal in 5 working days, which is within our 7 day turnaround time.

I have also explained that Discovery Invest has never accepted electronic signatures. This is to protect our clients from possible *****; and I'm sure you agree that it is prudent for Discovery Invest to do so.

Please don't hesitate to let me know if you need any further clarity.

Best regards

Rene