Investec Sucks Customer Reviews and Feedback
Investec is an international banking and wealth management group. It provides a range of financial products and services to a client base in Europe, Southern Africa, and Asia-Pacific. Investec is dual-listed on the London Stock Exchange and the Johannesburg Stock Exchange. It is a constituent of the FTSE 250 index.
The following piece was published last November 2019 and it talks about how Investec Namibia MD resigned amid fishing bribery scandal
WINDHOEK, Nov 15 (Reuters) - The Namibia managing director of South African investment firm Investec has resigned after allegations he spearheaded a fishing scheme that generated kickbacks of at least 150 million Namibian dollars ($10 million) in a bribery scandal that has seen two ministers quit. James Hatuikulipi also resigned as Managing Director of Investec Asset Management Africa, excluding South Africa, while his number two Ricardo Gustavo has been suspended pending the outcome of an ongoing independent investigation, the company said in a statement late on Thursday. “Although the alleged activities were conducted in their private capacity Investec Asset Management takes allegations of this nature very seriously,” Investec Business Manager Gwynneth Rukoro said in a statement. “Our internal investigation into the matter is ongoing and we remain open to cooperation with the authorities,” the statement said. Hatuikulipi and Gustavo could not immediately be reached for comment. Namibia’s Justice Minister Sackeus Shanghala and Fisheries and Marine Resources Minister Bernhard Esau resigned on Wednesday following media reports they had awarded horse mackerel quotas to Iceland’s biggest fishing firm Samherji in exchange for bribes. Samherji said it had hired a law firm to investigate the allegations. Esau has denied wrongdoing, saying he had only stepped down to prevent a “media campaign” from tarnishing the ruling South West Africa People’s Organisation (SWAPO) ahead of general elections later in November. Shanghala could not be reached for comment.
Operations (Current Employee) says"Investec is a good company if you are in a progressive department If you have managers that are interested in your personal growth then you are at an advantage"
Banking Operations Officer (Former Employee) says"Training was non existent and no training guides to hand so often asking for help. This didn't help with morale or motivation as I felt I was getting somewhere one minute and then having to ask the next. Management I found were awful as they didn't seem to coach/support you when your in 'training'. They were quick to point out the negatives but never gave praise for the positives ie what I have done well, this demotivates you further I found. Language barrier too when trying to deal with offices overseas. I got on well with all colleagues but found it hard to build relationships because the job had such a broad specification to meet, id say its a two people job! The role was getting broader too with new additions id need to carry out within my day.Salary, HoursManagement and overall run of the business, lack of training"
cleaner (Former Employee) says"I learned a lot at investec and more access and knowledge ,,and also had some working experience now I am a hard work because of the things I learned at investec"
Senior Project Manager (Former Employee) says"work hard but never got rewarded accordingly very strict culture that is frowned upon when not adhered Closed door office approach and limited interaction with senior execs"
Compliance Administrator (Current Employee) says"Average workplace. Good benefits. Very long hours."
Internal consultant (Former Employee) says"Very exciting and nice atmosphere, always breaking china for the clients as they are the people who make you business at the end of the day. Enjoyed interaction with clients and love being able to assist them if and when the needarises.FlexibleThe day aint over until the job is complete"
Personal Assistant-Manager/Financial Planner (Former Employee) says"Business closed following a decline in performance and financial clients. One man operation with no opportunity."
head of insurance research (Former Employee) says"A refreshing absence of bureaucracy but frustratingly the bank does work in silos with no co-operation between businesses. This holds back business growth & stifles new ideas. It is run more like a private partnership than a publicly quoted company.A better than average canteenImmune to new ideas"
Client Support Centre Banker (Current Employee) says"The culture and vibe in the CSC is great, however leadership has its cracks and hardwork goes unrecognized and unrewarded. There is a lot of red tape and barely any career advancement , therefore most grads end up leaving the company as a whole because opportunities are scarce. The environment is high pressure and there is grey areas when it comes to different teams and their scope of work. There is also a lot of double standard when it comes to moving out of the CSC or discipline. Relationships are your currency.Wellness Centre sessions and people.Lack of growth, bias towards certain religionsWe have picked up your feedback and we would like the chance to engage with you around the points you have raised. Please pick up a chat through HR or directly with Craig West in the CSC. We would really value your feedback and will keep it anonymous.Investec social media team."
Liason Officer (Former Employee) says"Issuing of foreigh cheques(drafts) Client liason on foreigh currency in issuing forwrd cover to clients Checking and releasing foreigh paymentsGood staff perksLong hours"
EUS/AV - VC Team Leader (Current Employee) says"Long hours, lots of pressure, but a rewarding place to work, very supportive work environment. good place to work. exposure to a number of varied areas within your line of work.great perkslong hours"
Private Banking Service Consultant (Former Employee) says"Service excellence and relationship building, Tending to overall client queries and requests guiding clients on banking information and queries job advancement is a issueFridays DrinksLong hours"
Senior ICT Support Officer (Former Employee) says"A senior ICT technician, fully experienced in Desktop PC, Server, Diskless Workstation, printer & LAN/WAN support in a multi office, financial sector environment.Excellent attendance and reliability record. Excellent communication and technical skills, able to liaise effectively with people at all levels, both face to face and on the phone. Proven ability to prioritise effectively and meet targets. Enthusiastic, reliable, proactive and versatile team player. Works well on own initiative as well as being capable of helping and training others."
Internal Consultant (Current Employee) says"A typical day would be looking after client needs.I learnt a great deal of how to cope with stress and difficult clients but most of all how the private banking playground works.Management is not isolated from the rest of the employees by having thier own enclosed office. The office is open plan and the managers always make themselves available to hear concerns that employees have and are also keen on hearing ideas that one might have.- Co-workers are my second family.- The hardest part of my job is that clients tend to be over demanding and one has to be deadline driven at all times.- What I like about the company is their culture and values.flexible environmentno advancement opportunities available in the pe branch"
Head of Equity Sales (Former Employee) says"At my time at Investec Bank we were undergoing a transformation from the Apartheid years in South Africa into a new era, I was tasked with introducing Foreign-based accounts into the equity desk and also opening up various African Markets."
Enhanced Due Diligence Analyst (Current Employee) says"They've positioned themselves as one of the best employers and I can honestly attribute this to the culture and the people. They don't pay well at all"
Receptionist (Former Employee) says"Investec Asset Management is a faced paced environment to work in. Managers and employees can be very direct with extremely high expectations, so you must be thick skinned as it is unlikely that you will be thanked for your efforts but this is not personal."
Private banker for high net worth clients (Former Employee) says"A typical day at work includes servicing existing client needs via email, meeting new potential clients and looking for new opportunities. The hardest part of the job is managing the large client bases, with different client profiles and needs, while still looking for new clients."
Senior Systems Operator (Current Employee) says"Start my shift by taking the handover from the previous shift - go over system checks and special instructions logged. Prepare and brief my juniors as to what is expected and changes and allocated tasks. Liaise with developers throughout the shift and monitor batch processes run by junior colleagues. Operations is not a place to try new things especially on production but experience and throught communication with my seniors and approved personnel, I often offer my view of problem resolution and very often they approve and could resolve or assist to overcome the issue at that time to be investigated at a later stage. Juniors - bunch of eager to learn guys who follow instructions. All support - very patient and solution driven, ready to wake up in the middle of the night or drive to work to assist. Month ends, Financial year ends and when understaffed for any reason. Running a clean sheet of batch without any major incidents with my team and receiving good feedback from BU is warming and encouraging.Good and open culture of learning, advancement and questioning the norm. No hierachy.No allowances for travel, cellphone, remote data login, night shift allowance and other inconvenience allowances"
Project Accountant (Current Employee) says"My day at work:Work usually starts at around 9 am for me (FLEXIBLE HOURS!)I have my morning tea and chat for about 10 minutes with my manager about the tasks for the day. I then check my E-mails, respond to queries and process invoices for payment. From about 11 am to knock off time I am busy with my tasks for the day and meetings. I usually log off at 5h30 pm.My experience (growth, culture and my ups and downs)I truly enjoy my job, I work with great people and a lot of time and training has been invested towards my growth by my managers. I started off as an administrator (very junior) to what has been a highlight to my career so far; my management accounting role.I work with A personality types and I have learned to hear the unspoken, to ask questions, to have constant conversations about improving things, to give feedback and follow up on queries. Most importantly I have learned to be tolerant, assertive and to be heard.The work environment is fun, young and family oriented.managementlong hours"
Honest Review says"Investec are a laughable excuse for a bank. Staff are nothing more than box tickers, NEVER do what they say they will and merely do the bare minimum. No customer service whatsoever despite their sky-high fees. Practically all of the benefits of account holding have now been scrapped yet their fees still sky-high. They claim to be ‘out of the ordinary’ - they are that all right, but not in the way they would like to think ! No integrity, no customer service, scandalous business practices. Don’t even think about using them as I’m sure your money will be at risk"
Keir Gallacher says"Similar to others I tried to sign up to Online Flexi Saver and it fell flat on it's face at the photo Id stage. They are unable to offer an alternative path to sign up. I tried the Chat and to be fair they were polite and tried to offer help but none of it changed the outcome. I was using an Android phone perhaps Apple phones might work? Oh well will invest elsewhere now."
Iggy Bulak says"Issues with the online application system. The person at the other end of the web chat was most helpful and patient but the system required that my history be deleted, then I had to install an additional two browsers onto my phone without any progress being made. Then the system reported that my phone's camera had a fault - I can confirm that it works just fine. Spent over an hour online and conceded defeat in the end. This has been the most difficult bank account application I have encountered without any doubt. As for the banking service - guess I'll never know! Who knows maybe it was just my bad luck on the day!
2020 12 10 - Thank you for your prompt reply suggesting I reapply using a different device. My immediate personal reaction is that I really shouldn't need to find a different device every time I might want to interact with your online services - although I might seem to have a closed mind to this prospect at this juncture I will consider your suggestion and who knows what the future might see. As the saying goes "Never say never!""
Alex Parks says"BEWARE
They do NOT advise of rate changes. A legal requirement
The advertised rate only lasted a few days and swiftly reduced way below competitors rates, all sneakily.
Now they are very slow to transfer your money out.
Agree with negative reviews below - AVOID"
Mike Mercieca says"Beware! They reduce the interest on your savings account without letting you know! Then when you complain they say that they sent an email, which they did not as I keep all financial emails ...... a complete con ..... AVOID! As I told their complaints department I keep all financial emails indefinitely and I sent them a screenshot result of a search on ALL emails from Investec, and there never was an email from Investec in November 2019 advising of a rate change!
*** Meaningless response from Investec - I know that the interest rate is variable on my 95 day notice account, but if Investec wish to change it then they are obliged to tell me at least 95 days in advance, which they did not; I only found out at the next rate change! Do Investec REALLY expect customers to check their website EVERY single day in case there has been a rate change? Get REAL! ***"
Duncan Hardy says"Appalling customer service. Opening an account requires you to call them by phone to activate it. I have wasted about 4 hours on hold with no answer. They don't have a queuing system and don't have callback, so you could wait forever. Useless. Going elsewhere..."
MR IAN R STIDWORTHY says"After, 5 days of trying to log in to my savings account, I have failed. When trying to reset password message comes up "This functionality is currently not available for Investec Private Bank UK clients” I have rang the bank five times, have been on hold for at least 20 minutes each time and have not got through. I have emailed the savings plus online team and left messages with the main London switchboard for someone to ring me with no success. This is appalling customer service for a major bank. Can you ring me on 0208 xxx xxxx or reply to this email to resolve this issue. I cannot print my tax certificate for my accountants, so can’t complete my self assessment tax return, if I can’t log in."
MH says"Abysmal customer service
Kept on hold for over 35 minutes and then delayed in getting access to MY money
Their complaints department didnt even answer customer service time delay issue and clearly couldn't care less about individual customers
Moving my money elsewhere, wont be going back to Investec and now onwards to Financial Ombudsman process"
Kieron Douglas says"Beware: this is a South African bank with South African customer service!
If you're a UK resident, I'd urge you to stay clear. This bank's staff are based in a third world country and it shows.
Extremely amateurish customer service. Staff NEVER ring you back when they say they will. Staff NEVER reply to any of your emails sent to *any* email address at Investec. Your documents are *usually* lost etc. etc.
After endless headaches I decided to go to a bank which was a lot more professional than Investec."
Simon r miles says".Had 2 solicitors letters demanding money for goods from these people who have my details although I have never had any contact or dealings with them. Refuse to discuss the matter with me on phone a refer me back to their solicitors who are also extremely unhelpful,fraud report made to the police"
Leon Nechyporuk says"Beware
This company is dodgy
They start charging more money for insurance I never agreed to.
The same hidden charges as PPI.
Raised complaint but they refused and keep trying to charge me.
I paid full amount I agreed and signed on my asset finance. But they want more.
The most dishonest bank I came across."
David says"6 Feb 20. When I opened my Investec account many years ago, it paid good interest. In return I agreed that I would give 90 days notice of withdrawals (or lose 90 days interest for immediate withdrawals). Now, with their changes to interest thresholds I receive no interest at all and yet I still have to wait the 90 days. Seems pretty unreasonable that I have to leave my money in a dreadful account for so long. Naturally, I am closing my account (at least I will when it suits Investec in another three months).
21 Feb 20. Total incompetence by Investec so down to one star now. I provided my contact details and they said they would contact me. They didn't. At least not until I received an email saying they were pleased that they had been able to help me and were closing my issue.
Other than described above I never heard a thing from them. I am still waiting for my money to be returned."
Arif says"Like many other customers here, I am really disappointed in Investec. I moved my savings here bc it was highly rated on the best savings rate table on various comparison websites and had compensation guarantees.
I opened a 95 days notice account and a easy access account. Only after a couple of months they have decided to closed down the notice account to new customer but also dropped their rates to existing customer on all accounts
It is a massive effort to open savings accounts, I don’t think Investec get this. For them to change the rates on savings account when BOE has not changed their rates since I opened my accounts is disappointing.
I have now moved my savings to another account paying higher than the easy access account.
For now will leave the 95 day notice account in Investec as the revised rate is still fairly competitive unless I find a new home for it.
I get it interest rates are not fixed on easy access and notice accounts, but the justification to punish existing customers was very poor. To top that up with poor communication.
On the positive side, the tech used by Investec to administer the accounts is one of the strongest I have seen."
Roger Custance says"Investec turns out to be a South African outfit. True, it is covered by the same savings guarantee scheme (i.e. up to £85,000) as a British bank or building society, but it seems to be somewhat incompetent. We were told that a letter to close the account, with all relevant security details, would be sufficient. Such a letter was sent. Then Investec phoned to say that a telephone call would also be required. More rigmarole and security questions, and an impertinent question as to why the account was being closed (actually explained in the letter). It was Easy Access and the interest rate had inexplicably dropped by 0.2% very soon after opening the account, when other institutions had not done so. It's a troublesome matter to have to shift accounts frequently. We will stick to British savings accounts in future."
Deon Hartley says"Absolutely useless!!! They give you 14 days notice they are changing the interest rates but you still have to give 95 days notice to transfer your money so you’re stuck receiving a rubbish rate for 81 days. I thought this may be the norm with notice accounts. I contacted a couple banks where I will be moving to and they give you 14 days notice they are changing the interest rates and allow you to close your account without giving notice. So as I said, Investec are useless!!!"
ZennorB says"Invested in an Investec notice savings account because it had the best rate. Less than a month after I invested they lowered the interest rate. I had paid £20+ to have the money transferred into the account via BACs. It will cost me another £20+ to transfer the money into any new account I take out to try to improve my interest rate. Very angry at Investec and definitely would advise you not to trust them with maintaining their interest rates.Seems like a cynical ploy to get your money and then drop the rate."
Shakerz says"Tried to apply for Investec Flexible Saving account today and encountered similar problem to last review in that the camera activation part of the process doesn't work.
Went back to square one to restart application but encountered same problem.
Live chat wasn't available to assist - but it is boxing day so understandable.
Not a good experience so will save my money elsewhere."
Suzanna K (s.kardos@email com) says"I received a price notification on the 2nd of March after I sold my shares online. The services administrator advised via email that my money will be paid to me between 5 and 10 working days. Today is the 7th and I still haven't received my payment. I cannot got hold of anyone at their call center. I've tried multiple times and they aren't replying.
Thank you for following my review up, I appreciate your response."
Linda Kirkman says"This is the second bad review I am giving Investec. They started off with such a strong client service ethic. This has deteriorated drastically over the years.
Second time I have had to send numerous emails to have my instructions attended to and only when I complain to a manager so I get a reply. Still waiting again today for a follow up question to be answered.
My emails go into a black hole.
Not impressed at all"
Sam says"Private bank is ok."