Winterthur Life Warning!

Carus_2

Just a warning to any investors out there...steer well clear of Winterthur Life Endowment policies.
I've just received the maturity balance on a 10 year £50 a month policy.
The facts are: £50 x 12 x10 = £6000-00 paid in...
Guess what i got back including annual and terminal bonuses?

Well the grand sum of...£5366-00!!!!!!!!!

So for a total of 10 years regular saving Winterthur has actually CHARGED me £634-00!!!!!
After protracted correspondence where they trotted out the same old lines...'current economic downturn'...'investments may go up or down'...blah blah blah..I have concluded that they are at best a grossly incompetent investment company or at worst just downright corporate thieves...

Would welcome anybody's thoughts...

Lokolo

Don't go and watch a football game if you don't know how its played?

Its an investment, you aren't gaurenteed the amount you put in, simple as. Not sure why you are complaining. The markets have been bad. A month ago I was 5% down, currently I am 10.78% up. Things can only get better *sings*

dunstonh

.steer well clear of Winterthur Life Endowment policies.

They havent been retailed in over 7 years. They are obsolete. No fear anyone will be buying them now.

After protracted correspondence where they trotted out the same old lines...'current economic downturn'...'investments may go up or down'...blah blah blah..I have concluded that they are at best a grossly incompetent investment company or at worst just downright corporate thieves...

We have had the worst 10 year investment performances for generations. Plus, those risk warnings are valid and not the same old lines. Ignore them at your peril.

ciano125

Stick it into unit trusts or something and carry on paying into it for another five or ten years, you'll be glad you did I'm sure. Look at it as long term savings.

gozomark

Look at it as long term savings

no, look at it as long term investments...... if it was savings this thread wouldn't exist

Carus_2

Thanks for your input guys...guess I'm just showing my naivety...still a bit new to the game!!!

polybear

My mum had the same problem but with the Co-op (CIS). I'd suggest making a complaint via the FSA. I'd be amazed if you get anywhere but at least you'll know that W.L will have to respond etc. etc. to the FSA complaint. This will cost W.L. time and money :rotfl: so at least they won't benefit so much from your misfortune

Brian

dunstonh

I'd suggest making a complaint via the FSA.

The FSA do not accept consumer complaints. Anything sent to the FSA is forwarded to the advising company (if its about advice) or the provider (if its about the provider). Sometimes it may do the rounds a bit as the FSA won't always know who needs to review the complaint. So, its best to not go through the FSA but direct to the firm you are complaining about.

This will cost W.L. time and money :rotfl: so at least they won't benefit so much from your misfortune

Costs which will be passed on to other policyholders or yourself if you end up staying with them. Large firms automatically factor in an expectation level of complaints. Its only the small firms that wont.