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MVA applied after encashment request
Waikru
Posts: 1 Newbie
Hi there.
Recently submitted an encashment request for an AXA with profits plan. Axa sent a written reply saying that policy schedules were required and then slapped on a hefty 15% MVA. Their response was written on Friday 10th Oct. MVA was applied on Monday 13th! After wasting my time on the phone to India and emailing the sales team, they will not remove it despite the fact that no MVA was in force when the cash in request was received.. Any ideas please? Many thanks.
Recently submitted an encashment request for an AXA with profits plan. Axa sent a written reply saying that policy schedules were required and then slapped on a hefty 15% MVA. Their response was written on Friday 10th Oct. MVA was applied on Monday 13th! After wasting my time on the phone to India and emailing the sales team, they will not remove it despite the fact that no MVA was in force when the cash in request was received.. Any ideas please? Many thanks.
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Comments
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AXA do not date their withdrawal/switch requests on the date they get them (unlike say Norwich Union). It's one of the reasons why I tend not to use AXA as you have no control over when a switch is going to be made and at what price.
They are not breaking any rules in doing this but it is the way they work.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.0 -
Make a formal complaint to whoever sold it to you, based on the fact this was not disclosed and if you had known about the MVA system you would have chosen another provider.
If rejected, take to Ombudsman.Trying to keep it simple...
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EdInvestor wrote: »Make a formal complaint to whoever sold it to you, based on the fact this was not disclosed and if you had known about the MVA system you would have chosen another provider.
If rejected, take to Ombudsman.
You mean lie to try to get them to back down?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.0
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