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LAWYERS IN UK FINANCIAL SERVICES
peterbaker
Posts: 3,083 Forumite
Having worked in financial services and seen how financial services entities daren't even blow their noses without going hand in glove with the biggest legal firms in the land, I am not surprised but am nevertheless appalled to have received yet another communication today that basically goes like this (again!!)
"We are tired of responsibility for what we sold you/promised you and we are getting out very soon so here are your three options (1 2 3). BTW if you do not contact us and choose one of the three then you may be adversely affected"
I have received basically similar messages at least three times from three different outfits (One of my pension funds that wound up, AXA about my "With Profits" SERPS policy that is now somehow different, and now Egg about an ISA).
Obviously this is a now common device recommended by lawyers to all kinds of failing financial services entities. I say "failing" because they are failing to complete the contracts I thought I'd bought. In most cases, these financial services entities are of course not failing in the normal sense of the word at all! After they have dumped their more unsavoury baggage they will sail on without a care to new horizons if we let them!
I guess if you are a strategic director of such an entity, a good summary of the device your lawyers will tell you that you can routinely get away with is as follows:
A. Identify product line or sector of business which is performing poorly for shareholders.
B. Find independent "lifeboat" service from somewhere "out there".
C. Tell passengers they are now baggage and they have three options:
1. Sign up to get off the ship to be picked up by the lifeboat.
2. Sign up to get off the ship with some other half-baked deal under their arm that may or may not keep them afloat.
3. Sign up to get off the ship and grab the modest amount of money they are prepared to allow each passenger in their quest, without really describing how, when you pay them their pieces of silver, you will simultaneously remove the plank which they sign up to stand upon!
Finally warn the passengers that unless they sign 1 2 or 3 by a certain date they can at best expect 3 or maybe some other more questionnable fate that might befall stowaways.
Do we really need lawyers who spend their time supporting devices like this?
"We are tired of responsibility for what we sold you/promised you and we are getting out very soon so here are your three options (1 2 3). BTW if you do not contact us and choose one of the three then you may be adversely affected"
I have received basically similar messages at least three times from three different outfits (One of my pension funds that wound up, AXA about my "With Profits" SERPS policy that is now somehow different, and now Egg about an ISA).
Obviously this is a now common device recommended by lawyers to all kinds of failing financial services entities. I say "failing" because they are failing to complete the contracts I thought I'd bought. In most cases, these financial services entities are of course not failing in the normal sense of the word at all! After they have dumped their more unsavoury baggage they will sail on without a care to new horizons if we let them!
I guess if you are a strategic director of such an entity, a good summary of the device your lawyers will tell you that you can routinely get away with is as follows:
A. Identify product line or sector of business which is performing poorly for shareholders.
B. Find independent "lifeboat" service from somewhere "out there".
C. Tell passengers they are now baggage and they have three options:
1. Sign up to get off the ship to be picked up by the lifeboat.
2. Sign up to get off the ship with some other half-baked deal under their arm that may or may not keep them afloat.
3. Sign up to get off the ship and grab the modest amount of money they are prepared to allow each passenger in their quest, without really describing how, when you pay them their pieces of silver, you will simultaneously remove the plank which they sign up to stand upon!
Finally warn the passengers that unless they sign 1 2 or 3 by a certain date they can at best expect 3 or maybe some other more questionnable fate that might befall stowaways.
Do we really need lawyers who spend their time supporting devices like this?
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