RP
Raymond P

1 reviews | Active since May 2013

09 Feb 2015, 20:38

Legal Thievery

Beware of investing your money with Liberty Life. After using one of their Financial Advisors, who was more than excited to get me to signup for two investment portfolios, as well as their Risk Protection package, I thought everything would be going well. <br> <br> After 1 year of investment with them, I was greatly disappointed to find out that both my investment portfolios had made LESS THAN 2% interest COMBINED!!!! I contacted my advisor who just gave many excuses about the market. The part that was most disturbing, is that my Financial Advisor made more money off my portfolio from the fees he was charging me, than I did in total. <br> <br> I then decided to cut my losses and withdraw my funds. I am now informed by Liberty Life that they will be charging me 14.75% PENALTY FEES on my portfolio because I'm withdrawing the funds within 5 years. Be very careful, because my financial advisor never mentioned this fact in our meetings.<br> <br> I'm so disappointed by the amount of money I've lost with Liberty Life. If they had made me enough interest to cover the fees that would have been one thing, but I've LOST 10% of my money in 1 year, not even considering inflation. Beware of investing with them!

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Replies (1)
Liberty Group South Africa
Liberty Group South Africa's reply10 Feb 2015, 11:59
Official
Hello rayprince,

Thank you for your posting.

We apologise for the frustration that you have experienced and I have forwarded your complaint to the relevant manager for urgent investigation and response.

We will respond to you shortly with feedback.

Please contact me in the interim should the need arise.

Regards
Naome Ncube
Liberty Group Customer Relations
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