📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Equitable Life withdrawal Penalties UNFAIR?

I had my investments with Equitable life for some years until I like many others wouldnt take any more risks with a failing Investment Company (/Bank? /Institution) & decided to withdraw my Investment funds and place them elsewhere.
When I contacted Equitable they had added NEW penalty clauses to their terms and conditions due to the position the company was in and upon withdrawal of my investments I suffered thousands of £'s in withdrawal penalties. Now my question is this. in the light of Unfair Charges against Banks, Unfair penalty clause's on mortgages etc, would it be possible that there could be a case found for the Equitable to be found to have levied unfair charges upon investers when making their withdrawals?? and would there be a case to reclaim these unfair penalties levied against the investor on withdrawal of what would be their own money?
any Idea's???
Bushwacker. :beer:
Retired @55yrs Financially Secure, & Totally Completely, Utterly debt free! :j

Comments

  • dunstonh
    dunstonh Posts: 122,014
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Forumite
    Now my question is this. in the light of Unfair Charges against Banks, Unfair penalty clause's on mortgages etc

    No.
    would it be possible that there could be a case found for the Equitable to be found to have levied unfair charges upon investers when making their withdrawals??

    No.
    and would there be a case to reclaim these unfair penalties levied against the investor on withdrawal of what would be their own money?

    No.

    The charge they make is called a market value reduction (or market value adjustment). They are in the contracts of most with profits plans. The amount of the MVR can be adjusted by the company depending on the level of withdrawals, performance and funding that exists.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Bushey
    Bushey Posts: 37
    Part of the Furniture 10 Posts Combo Breaker
    Forumite
    oh well, thanks for that
    Bushwacker. :beer:
    Retired @55yrs Financially Secure, & Totally Completely, Utterly debt free! :j
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 355.9K Banking & Borrowing
  • 255K Reduce Debt & Boost Income
  • 456.2K Spending & Discounts
  • 248.4K Work, Benefits & Business
  • 606.1K Mortgages, Homes & Bills
  • 179.1K Life & Family
  • 264K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.7K Read-Only Boards
Quick Search

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.