norwich & peterborough help please

rward69

hi

my elderly parents have been in to their local branch today and met an ifa with regards to their current savings which are obviously not earning a great rate.

he's trying to flog them something that will give them 7.5%.... they didn't understand the product but know its an issue 8. the ifa said something about it having an element of life insurance to it and is classed as an isa.

i can't find anything on their website and i'm really dubious about what they're getting into

anyone help or shed any light on this?

thanks

richard

Chadsman

It sounds like a with profits ISA as it has a life assurance element for which the IFA gets paid commission for selling.
Personally I would not invest in with profits if I were elderly as they need to be in there long term (5+ years at the very least) and at that age you are looking for income rather than growth.
A good maxim to remember when investing is if you dont understand it dont invest.
Not advice.
DYOR
:beer:

Milarky

Isn't selling a WP policy to anyone who will retire before the (5, 10, 15 25? year) term of the policy is reached already basic mis-selling - let alone already retired persons!!!!

Robert_Sterling_3

Wot a Chiz

It could get IFAs a bad name.