Norwich Union - Unbelievable

ILW

danzily wrote: »

Yes I HAVE noticed that stock markets etc lost money last year, but they have had my money invested for 25 years. You`re not telling me they didn`t make any money from it during that time. Why should I be penalised for their incompetence in doing their job? They are the so called "experts" who we all trusted. So don`t tell me to be realistic - I think it`s about time all the financial institutions and those who sell the products for commissions all get realistic. The consumers have had enough!:mad:

Toys and pram come to mind.

dunstonh

You`re not telling me they didn`t make any money from it during that time.

They didnt have your money for 25 years unless you paid a single premium 25 years ago. For the last 10 years its been hard to turn in gains required to meet the target and with the bulk of the of money only in place in the last 7-10 years, its no surprise what has happened.

Why should I be penalised for their incompetence in doing their job? They are the so called "experts" who we all trusted. So don`t tell me to be realistic - I think it`s about time all the financial institutions and those who sell the products for commissions all get realistic. The consumers have had enough!:mad:

They are not incompetent. The investments used were basic and obsolete by todays standards but then how often did you get them reviewed? How often did you check your sector allocations and rebalance the holdings? Why didnt you reduce the investment risk as you got closer to maturity? That is your responsibility. Not theirs. You either do it yourself or you get someone to do it. The insurer isnt allowed to do it unless you specifically pick a structured investment fund that does it at defined points (which didnt tend to exist 25 years ago).

TighterThanTwoCoatsOfPain

danzily wrote: »

Yes I HAVE noticed that stock markets etc lost money last year, but they have had my money invested for 25 years. You`re not telling me they didn`t make any money from it during that time. Why should I be penalised for their incompetence in doing their job? They are the so called "experts" who we all trusted. So don`t tell me to be realistic - I think it`s about time all the financial institutions and those who sell the products for commissions all get realistic. The consumers have had enough!:mad:

What a muppet.... You could have taken your money out BEFORE the stock markets plummeted if YOU wanted to. You didnt, marktet fell, taking the value of your investement with it..

Repeat after me "its not their fault"

danzily

The muppets are those financial advisers (NU and Independent) who "advised" me that endowments were improving! The so called "Experts" in their field who the consumers look to for advice! I think it is about time that all financial establishments are held accountable for their incompetence in their field of work. If anyone else, particularly the self employed, got paid for creating a "!!!! up" in their field of work, they wouldn`t get paid by their customers.

dunstonh

The so called "Experts" in their field who the consumers look to for advice!

It appears you want a crystal ball.

The endowment still worked well for you anyway. You got tax relief on the premiums and endowments were typically cheaper than repayment mortgages so you were probably better off each month by £10-£30. Lets say £20 for example purposes. 25 years of £20pm = £6,000. You fell £1000 short so you are better off by £5000.

People tend to ignore the monthly savings most had by going with an endowment mortgage. That was after all one of the most common reasons for choosing an endowment.

Rednoseranter

Sorry but "we" are being held accountable - no payrises, no bonus - the threat of redundancy continuely hanging over our heads. The "Banks" aren't completely accountable for the current situation, no body forced me or anyone else to borrow money to buy house, car, sofa etc etc. Banks should have been more conservative in their lending - but consumers should also have been more conservative in their spending.

The provision of financial advice isn't a guarantee that investments will make money - the stockmarket goes up, and it goes down, the product was suitable for your needs, unfortunately the gamble didn't pay off.

I'm sorry that you are this position - but its about time this society relised that Banks can only respond to our demands and the demands of shareholders - we all have a responsibility for this situation.