1 reviews | Active since Feb 2018
Respectful Question to Investec's Mr Kosseff!
In June 2004, at the age of 65 and looking for a suitable investment for my retirement capital, a friend suggested I should consider investing in Bank Preference Shares instead of interest bearing deposits since the yields were similar but, being shares, could also produce some Capital Growth. Hearing that Standard Bank was about to launch a Pref. Share, I approached Investec ( where my capital was invested in a long-term deposit) to enquire whether I could access my capital early in order to buy Standard Pref. Shares. The Investec Broker made it clear that no early access to my capital was possible....but why, I was asked, did I wish to buy Standard Bank shares when Investec ones were readily available AND offered a higher rate of return. Not only that but if I opted for Investec's shares - guess what - my funds could miraculously be available! To my everlasting regret as a naive fool I agreed with the result that my retirement capital of almost R1,020,000.00 ( a lot of money in 2004!) bought 8,500 Investec Shares at a cost of R119.27 each. Disaster befell me - from the very first 'dividend' my capital fell by the same amount of the dividend! I appealed to Investec to reverse this "deal" on the grounds of a) flawed advice, and b) Investec transgressed rules by breaking in to my fixed deposit to sell me an inappropriate investment. Not interested....nor was the Ombudsman or the JSE on the grounds that I "should have known!" Known what? Not to trust Investec's advice? The drift downwards continues and now, 14 years later I'm nudging 78 and my capital of R1,020,000.00 ( invested in Investec in 2004) is worth R623,000.00. So now to my question to Investec...or Mr Kosseff; there's an adage about shares " You haven't made a loss until you sell!" Please tell me....and be brutally honest......do I have a hope in Hadese, after 14 years of hoping, ever to see my capital grow back to the original sum you took?
I'm sorry to hear that you haven't had a good experience. I have escalated this to the relevant teams to investigate and assist further.
I'm sorry to hear that you haven't had a good experience. I have escalated this to the relevant teams to investigate and assist further.
We have responded directly to you on numerous occasions in the past Dr Service, most recently on 26 May 2017. Dr Service as you were not a discretionary client we accordingly provided no advice to you in relation to your portfolio. When you raised the matter with the JSE they declined to intervene, as the complaint pre-dates the period they will consider ruling on. We believe we have exhausted our discussions with you.
We have responded directly to you on numerous occasions in the past Dr Service, most recently on 26 May 2017. Dr Service as you were not a discretionary client we accordingly provided no advice to you in relation to your portfolio. When you raised the matter with the JSE they declined to intervene, as the complaint pre-dates the period they will consider ruling on. We believe we have exhausted our discussions with you.
