Liverpool Flexible Savings Plan...

K9cuddles

Hey,

I just got a mailshot from Liverpool Vic, if you open a Flexible Savings Plan with them (for min of 10 years min amount £25) they give you £25 of M&S vouchers.

The vouchers are issued on your first payment, I wondered if you could take the policy out(make payment asap), get your vouchers and then cancel the policy within 30 days?

Is this legal?

Thx

Sara

grumbler

http://www.liverpoolvictoria.co.uk/savingsandinvestments/flexiblesavingsplan :

You can withdraw any amount from £500 upwards at any time providing at least £500 remains in the plan after the withdrawal. However as we take most of our charges in the early years of this investment, if you make withdrawals during this time you may get back less than you invested.

The Flexible Savings Plan is a long-term stock market related investment and as such there is no certainty that you will make a profit. The plan invests in the Liverpool Victoria With Profits Fund, which is carefully and professionally managed to provide growth over the longer term. With Profits remains a great way to benefit from some of the growth potential of stocks and shares. The plan features a range of options that give you valuable flexibility.

There are more easy ways to make/save £25 ...

dunstonh

The only way these companies get these plans now is on adverts and mailshots. No financial advisor would dare sell one. It would be a mis-sale waiting to happen. However, if you choose to do it in response to a mailshot, you have no consumer protection as it was your decision.

Some of them advertise "no salesman will call" in an apparant dig at financial advisors. Real reason is that a financial advisor would tell you the plan is rubbish and dont do it.

K9cuddles

I work for Legal and General I know the pitfalls of these policies! I deal with the customers every day!!!

I just want to know if it legal.. If my plan worked I'll still have my £25 refunded and £25 in vouchers.. sounds easy to me!

K9cuddles

Vouchers turned up Friday.. .first Direct Debit payment 1st of March and more importantly my cancellation form!!! :j