Ask Discovery Invest _{Frequently asked questions}

You need to give us instructions in writing on the relevant forms. These instructions can be given to Discovery Invest by 

• Fax to 011 539 5777 or 
• Email at invest_support@discovery.co.za 

Copies of the forms are available on the website , http://www.discovery.co.za, or from the Discovery Invest contact centre on 0860 67 5777.

Yes, if you deposit money into Discovery Invest's bank account for investment lump sums, you must tell us of the deposit to make sure that their money is invested as soon as possible. You will need to give us the reference number of the deposit and the date you made it. 

You can make an electronic funds transfer of your lump sum directly into our bank account, or deposit the money using a deposit form. We can also debit your bank account with the amount on your written instruction. 

Note: this only applies to lump sum investments and not recurring contributions. Recurring contributions must be debited from the investor's bank account directly by us, either monthly or yearly. We do not take any responsibility for market movement before we have identified an investor's money and it has been invested.

Yes, but we can only make these changes when we have the instruction in writing on the correct form. We need your signature to implement the change. You have to hand in debit order changes at least five working days before the debit order takes place. If we do not receive the change request in time, we will only process it the following month.

You must tell us of any processing mistakes within 10 calendar days after handing in any instruction form. We will not be responsible for any damages or loss that may take place after this period.

You, or your financial adviser, must always make sure that any instructions handed in to us by fax, email, mail or any other means have been received and that the instructions are completed correctly. You can do this by contacting the Contact Centre on 0860 67 5777. 

An electronic transmission slip or facsimile transmission slip or any other supporting document, will not count as proof of us receiving your instruction. You and your financial adviser have the duty to prove that we have received any instruction, notice or any other communication. 

We will not accept instructions from your financial adviser without your signature on the instruction. 

The amount we receive will be the amount invested and is shown as the investment amount in any investment document.

If you transfer an investment amount from another Retirement Fund to us, we will not be responsible for any differences between the amount received and the amount shown on the statement from the relevant administrator. The amount we receive will be the amount invested and is shown as the investment amount in any investment document.

We provide a quarterly Fund Statement showing your investment values and all transactions that took place during the previous quarter. You can also get a Fund Statement by contacting our Contact Centre. 

We provide all investors in the Retirement Annuity Fund with an Income Tax Certificate showing contributions to the Retirement Annuity Fund for the relevant tax year.

If we cannot continue offering a certain investment option as an investment choice, we will inform you of this and ask for an instruction to select a new investment choice. 

If we do not receive instructions for new investment choices, we will invest any new contribution in a money market fund until we receive a revised instruction from the investor. An updated list of investment choices is available on the Discovery website, www.discovery.co.za

We value the investment at the ruling price on the effective date of the transaction. Prices are received and recorded the following business day. The type of transaction does not show which unit price will apply to the investment, but rather the effective date of the investment.

We deduct monthly fees from your investment by selling units that have the same rand value as the fees payable. 

Initial fees are subtracted from the investment amount before the amount is invested in the market.

The As and When Investment Integrator only applies to fees subtracted under investments in Discovery Funds. We subtract monthly fees from the investment by selling units that have the same rand value as the fees payable. The fee discount will be calculated based on the amount that is subtracted and will be credited to your investment on the same day that the fee is calculated and deducted. All of the transactions are shown on your Fund Statement. 

Note: Please remember that the As and When Investment Integrator is only available on the Endowment Plan.

You choose this benefit at the beginning of the investment. The Upfront Investment Integrator provides you with relief if you experience a large decrease in your asset value as a result of market downturns. 

With the Upfront Investment Integrator, 50% of the booster amount growing by 6% per year, will be paid after the first five years of the investment and the remainder plus growth will be paid at the end of 10 years, if your LIFE PLAN is still in force. 

All of these transactions are shown on the Discovery Invest Fund Statement.

Unit prices for a specific business day are received and captured on the administration system by 10:00 on the next business day. If a transaction takes place in the market on business day one, the relevant unit prices will be received and confirmed on the morning of business day two from the Management Company. This means that the investment will be priced at the ruling price on business day one, but the price is only captured on business day two by Discovery.

Employees of Discovery Invest are not FAIS accredited financial advisers. Therefore, they are not in a position to give you financial advice. We can, however, provide you with factual information about our products and portfolios.

• You, or your financial adviser, now have access to online statements. 
• You, or your financial adviser, will benefit from new product development on the Discovery retirement Optimiser which wasn't possible on the old system. 
• Discovery Invest uses NAV (Nett Asset Value) pricing, which is more transparent.

Complaint-handling procedure

Please contact your financial adviser, visit www.discovery.co.za or call Discovery Invest on 0860 67 57 77 if you have a complaint or question.

Complaints procedure

Discovery Invest, we have a complaints procedure where we try to resolve complaints from our investors as quickly as possible.

What to do to resolve your complaint:

1. Speak to your financial adviser
   If you have any concerns about your investment or the financial advice you have been given, first discuss it with your financial adviser. Remember to provide copies of all relevant documents to them to assist you.
2. Contact Discovery Invest
   If you are not satisfied with the response you received from your financial adviser, or you prefer to raise a complaint directly with us, please send us your complaint in writing together with any supporting documents.
   
   Email: invest_complaints@discovery.co.za
   Post: Discovery Invest
   PO Box 653574
   Benmore
   2010
3. Contact the Discovery Invest Chief Compliance Officer
   If you still have concerns, you can contact the Discovery Chief Compliance Officer. Email: compliance@discovery.co.za Telephone: 011 529 2980
4. Contact the relevant Ombudsman
   If your complaint has still not been resolved to your satisfaction, you may send your complaint to any of the following, depending on your complaint.

For complaints about financial advisers or about Discovery Invest, contact the FAIS Ombudsman

• The FAIS Ombud is an independent and impartial dispute-resolution tribunal which investigates, considers and disposes of complaints by consumers against financial services providers (such as Discovery Invest) as required by the Financial Advisory and Intermediary Services Act (FAIS). The Ombud provides fair, unbiased, reasonable, economical and quick relief to the public at no charge
• The FAIS Ombud

Postal address:
PO Box 74571
Lynnwood
Pretoria
0040

Physical address: 125 Dallas Avenue Menlyn Central,
Waterkloof Glen, Pretoria 0010
Telephone: 012 762 5000
Sharecall: 086 066 3247
Email: info@faisombud.co.za
Website: www.faisombud.co.za

For complaints about your Recurring Global Endowment (with Life Assured), contact the Ombudsman for Long-term Insurance

• The office of the Ombudsman for Long-term Insurance mediates disputes about insurance contracts between subscribing members of the long-term insurance industry (such as Discovery Life) and policyholders. It is an independent office, which is accountable to an independent Long-term Ombudsman Council. It has to provide an efficient, independent service to policyholders and others in response to disputes arising from long-term insurance policies
• Ombudsman for Long-term Insurance

Postal address:
Private Bag X45
Cleremont
Cape Town
7735

Physical address:
Third Floor
Sunclare Building
21 Dreyer Street
Claremont
Cape Town

Telephone:
021 657 5000 / 0860 103 236

Fax:
021 657 5000 / 0860 103 236

Email:
info@ombud.co.za

Website:
https://www.ombud.co.za/

For complaints on our international products:

If you are not satisfied with our final response to your complaint, you can refer your complaint to the Channel Islands Financial Ombudsman (CIFO).

You must contact the CIFO about your complaint within six (6) months from the date of the final response received from Discovery Invest or CIFO may not be able to review your complaint.

You must also contact the CIFO within 6 years of the event complained about or (if later) 2 years of when you could reasonably have been expected to become aware that you had a reason to complain.

You can contact the CIFO at:

Postal address:
Channel Islands Financial Ombudsman (CIFO)
P O Box 114
Jersey, Channel Islands
JE4 9QG
Email: enquiries@ci-fo.org
Website: www.faisombud.co.za
Jersey local phone: 01534 748610
Guernsey local phone: 01481 722218
International phone: +44 1534 748610