Axa Sunlife

dunstonh

I cant find the relevant paperwork but im sure it guaranteed back what id payed in plus bonus.

Its not. Basic sum assured plus bonuses. The basic sum assured varied but was often around 1/3rd of premiums paid over the term.

i havent accepted it yet i hope an ombudsman can get the policy and check the wording exactly.

The FOS wont get involved until you have had AXA reject your complaint. The FOS wont rule on your favour if your complaint is about investment returns as the FSA deem that is not something you can complain about.

Clare_14

Hi

My husband and I have 4 policies altogether all taken out in 2002 and 2003. We are looking at our finances and are looking to cancel our AXA policies. Having come across this thread (luckily!!) we are going to send a letter. Do I need to put anything other than having reviewed our Savings I feel I was misled when taking out the policy.... I will also enslose a ruling printout. Do I need to call first or can I simply send the letter?

Many Thanks
Clare

brian54_2

I too was taken in by sunlife with profits I saved for 12 years starting off at £20 per month the increasing by £2.00 per year and cashed it intwo years ago the policy was due to mature in 2012. I looked at the projected figure and decided that it was thowing good money after bad. The surrender value was £4012. I would have been safer just putting the money into a building society account. It is no wonder that the fanancial market is in the state it is in. Again the Goverment bail these people out, they should be jailed not bailed.

ad44downey

Blame Michael Parkinson/Carol Smilie/Carol Vorderman, etc. They do alright out of these financial plans even if the policy holders do not

Clare_14

Well after just over a week I had a reply from Axa regarding my 4 policies. They seem to have sent surrender value info - it works out about 3 grand total less than what I worked out . There is no mention of my complaint "kindly given to me by WISHICOULDAFFORD IT". The bulk of the letter was with regard to the FSA ruling - should I call them or simply send another letter?

wishicouldaffordit

Clare_14 wrote: »

Well after just over a week I had a reply from Axa regarding my 4 policies. They seem to have sent surrender value info - it works out about 3 grand total less than what I worked out . There is no mention of my complaint "kindly given to me by WISHICOULDAFFORD IT". The bulk of the letter was with regard to the FSA ruling - should I call them or simply send another letter?

yes send it again - tell them you are also sending a copy to the FSA

They clearly haven't read it properly!

dunstonh

The bulk of the letter was with regard to the FSA ruling

If you quoted the FSA ruling in your letter and you fall outside of the dates involved then there is no reason for them to pay you anything other than the surrender value.

A plain vanilla surrender would make no reference to the FSA ruling so they must have read your letter and given you this response.

yes send it again - tell them you are also sending a copy to the FSA

That wont scare them. The FSA just forward complaints on to the company. They dont look into complaints at consumer level.

Clare_14

All 4 policies fall within the dates of the ruling, we have the paperwork with the dates still.

wishicouldaffordit

http://www.financial-ombudsman.org.uk/

well I would send it again, copy to above instead then. I guess the fact they didn't read it properly just further demonstrates their incompetence.

Don't give up, they have refunded everyone else, and made the excuse that they wrote some time in the past and said they weren't performing properly, and asking if we wanted our premiums refunded. Oddly no-one received these letters; we didn't with either of our policies.

Nephy08

Well it's over a month since I wrote with my complaint and I'm still awaiting a response from Axa about my save from pay policy. Have now phoned them and they confirmed receipt of my letter. They have not actioned this yet it seems and I have just been promised a written acknowledgement within 5 working days. Have cancelled any more payments direct from my salary in the meantime. Will post again with any news.