1 reviews | Active since Dec 2016

17 Jan 2019, 20:21

Thieving **** and con artists

I took out a provident preservation and an RA with Liberty in September 2017. As of today 2019-01-08 the money that I have actually put in has devalued by 9%!!!! And when I spoke to the financial adviser in Feb/March 2018 he cited Steinhoff as the reason for the drop in value then and he assured me my money would recover. Now he comes to see me and gives me another story about Growthpoint etc. being the reason for the massive drop now. I thought investment brokers and fund managers are supposed to protect the value of your money but these scoundrels at liberty take their commission while they loose heaps of your money and make zero money for you! It is absolutely shocking!!! I'm sure if I managed my money myself instead of giving it to them to do so I could have done an infintely better job! And they (conveniently for them) make it almost impossible to take the money out and put it with someone else by charging thousands and thousands in penalty fees on the value of the money you have with them. In my case I have lost 9% and now to get the money out another 10%, so on the money I initially invested in September 2017 I lose 20% of that value!!! But fortunately I have found a fund manager that will transfer over the funds and cover the ridiculous penalties from Liberty, and from speaking to others with them this fund manager is actually making money for its clients.

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Replies (1)
Liberty Group South Africa
Liberty Group South Africa's reply18 Jan 2019, 08:34
Official
Dear Mr. Barsdorf

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.

Kindly contact me in the interim should the need arise.

Regards
Naome  Ncube 
Liberty Group Customer Relations Specialist 
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