Axa Sunlife

jonnyboy80

P.S. Have just spoken to the (indian) call centre and despite stating fact after fact from the FSA report from an earlier page got nowhere!!! Been offred £1029.43 back. Do I write to their bristol address with the FSA ruling included? Many thanks people,

jon

kiwigirl

Wrote to AXA a couple of months ago and was given a surrender value which I forgot to do in the timeframe, sent another letter to them a week or so back and now they're starting an investigation.

Also received a bonus statement from them today - first one since the 1st year - been paying in since approx March 02. Will be interesting to see what they offer me.

baby_boomer

jonnyboy80 wrote: »

Can I ask for a refund of these premiums plus my bonuses as this policy was opened between 2002/03 when Axa (I believe!) were refunding premiums paid in??? Can any interest be claimed back as well?

If you bought the policy during the period the FSA says their adverts were misleading you may get back your premiums plus a pittance of interest. Cashing in is invariably the best option for people with this policy. Bonuses on with profits policies are only there to confuse and mislead the public. They rarely mean anything of significance & aren't part of your compensation calculation.

jonnyboy80 wrote: »

P.S. Have just spoken to the (indian) call centre and despite stating fact after fact from the FSA report from an earlier page got nowhere!!! Been offred £1029.43 back. Do I write to their bristol address with the FSA ruling included?

Yes.

I'm afraid you have only wasted their time and yours. For compensation you always need a written record, regardless of the company and regardless of the location of their call centre.

jonnyboy80

baby_boomer, does that mean that my bonuses to date will not be refunded at all? Cheers,
Jon

ReportInvestor

If you look at it from Axa's point of view, you haven't got close to paying AXA the sum assured. They may be a lousy insurer, but they are not a yet charity able to hand out other customers' money, thank God.

j0nathon2

I notice these CashBuilder plans don't appear on their website, and I don't recall seeing them in the press anymore, yet they continually send letters to holders of other products telling them it's a good idea to start saving and then give them all the details, the PPFM etc.

They just have no morals as most people don't understand any of this, and will probably not seek advice.

It puts me off ever using any AXA product.

dunstonh

They just have no morals as most people don't understand any of this, and will probably not seek advice.

Its an irony that advisers wouldnt go near this product because it is so bad and obsolete but the people buying it probably dont get advice as they feel an adviser would rip them off (having seen many of the recommendations by the AXA tied salesforce, they are probably right).

Its a bit like the daytime advert for the over 50s plan where it says "no salesman will call". Well, thats because it's such a rubbish product and any independent adviser can better it.

jonnyboy80

dunstonh wrote: »

Its an irony that advisers wouldnt go near this product because it is so bad and obsolete but the people buying it probably dont get advice as they feel an adviser would rip them off (having seen many of the recommendations by the AXA tied salesforce, they are probably right).

Its a bit like the daytime advert for the over 50s plan where it says "no salesman will call". Well, thats because it's such a rubbish product and any independent adviser can better it.

As I took my AXA Sunlife Cashbuilder Plan out during the period the FSA have investigated can I keep the bonuses built to date plus the full amount paid into the plan?
jon

Jaime-V

RESULT!!!:T

Got letters today from Axa. They are offering to repay all premiums minus the cashback received at end of year 1 plus interest + 1%.

Glad I stumbled across this thread! It only took a few weeks to get all this sorted too.

Thanks MSE and orginial poster.
:j

SkipClick

Jaime-V wrote: »

RESULT!!!:T

Got letters today from Axa. They are offering to repay all premiums minus the cashback received at end of year 1 plus interest + 1%.

Glad I stumbled across this thread! It only took a few weeks to get all this sorted too.

Thanks MSE and orginial poster.
:j

I had the same letter I shall move over to else where to invest!.