mvr, market value reduction

jem16

EdInvestor wrote: »

If it is a normal investment bond, a percentage of the fund value (typically 5-10% p.a., details in the policy documents) can be withdrawn penalty and MVR free.If the investors needed to extract funds, they should have started by asking for that money - and been told they can extract it if they didn't realise..

That's a good point Ed.

Reading the documents it appears that 7.5% can be taken penalty free. However the MVR seems to be a different issue where it mentions that regular withdrawals would not attract an MVR but only if you have chosen this option at the start of the investment or if later when no MVR applies.

See Page 13.

http://www.aviva.co.uk/adviser/product-literature/files/pa/pack50005c.pdf

Now I may well be reading this wrongly or it may not even apply to the Williams.

However perhaps whiteflag ( if he can put his IFA hat on and be helpful ) or dunstonh could clarify.

whiteflag_3

jem16 wrote: »

You know nothing about my teaching abilities so it's not fact.

likewise you know nothing about my advising abilities either but then that never stopped you slagging me off.

Apology accepted.

thankyou - was out of order

Semantics and you know it. They have mentioned time and time again that they thought they had a guaranteed product and they were happy with that.

dont think so - ive said earlier people are sold these things in the same way as people end up with timeshares.

They have a guaranteed product.

that was never really in doubt

Yes they said that.

They may have as they be barking up the wrong tree as far as the complaint is concerned.

perhaps, but it wont change your life or dh or if they do so why so hostile?

They may get the answer that the building society has done no wrong and not pursue Aviva ( who seem to be guilty of bad servicing) for fear of getting the same result.

they cant pursue Aviva, they didnt sell the bond

However the person who does have something to lose is

.

i think even dh admitted earlier in the thread that wont make a difference post 13

I wont argue the first point as you are right. It is a sales process and one that is almost factory line in that its sell the product and find the next one to sell to

Then do your job properly and help them to go down the correct route.

my job ? what are you on about this is an internet forum , im only trying to help people that need it.

So the correct route is do nothing? Ive said complain, isnt the only other course of action do nothing?

whiteflag_3

jem16 wrote: »

Now I may well be reading this wrongly or it may not even apply to the Williams.

sorry Jem before I put my IFA hat on can you just confirm it was you that said in post no9

There is nothing complicated about the product at all.

jem16

whiteflag wrote: »

likewise you know nothing about my advising abilities either but then that never stopped you slagging me off.

I said i din't agree with your business model - nothing to do with your ability to do it.

dont think so - ive said earlier people are sold these things in the same way as people end up with timeshares.

Yes I agree - some are. It still doesn't change the fact that the Williams wer happy with what they thought they had. Unfortunately they didn't read everything as thoroughly as they should have.

that was never really in doubt

For them it was the major concern.

garethwilliams wrote:

Anyway - the above is not the 'major' concern we have. The major concern is the fact we was sold a guaranteed investment fund. If it made money great, if it didn't thne you'll get you initial investment back in full. When we called to find out what was needed above to get the funds we wanted out there was confuson as to what we had as we had a 'with profits fund' that has an IPG tag I think it was on it. The advisor didn't know what this was so there was a pass from pillar to post with other advisors to find out what it was and they came back with the fact it was a guaranteed investment fund plan but linked somehow to the with profits fund. Phew - that was ok as that meant our money was safe but now after my wife calling them again they said they were wrong last time and its not guaranteed at all so if thats the case then we have been mis sold a policy and yes we will bloody complain like hell as thats all of our life savings there and if that plans goes dead in the water so does all our money - our retirement etc.

perhaps, but it wont change your life or dh or if they do so why so hostile?

I'm not being hostile. I've seen too many teaching careers ruined when people jump to conclusions that have been wrong to not want it done to someone else.

they cant pursue Aviva, they didnt sell the bond

Their policy is with Aviva - of course they can complain if they have been given wrong information on making a withdrawal.

even dh admitted earlier in the thread that wont make a difference.

Are you referring to this?

dunstonh wrote:

I wont argue the first point as you are right. It is a sales process and one that is almost factory line in that its sell the product and find the next one to sell to. However, they will still have to respond to the complaint and it will go on their record and if they apply for advice jobs in future, the complaints record will be disclosed, even if not upheld.

He seems to make it quite clear that it will always be on their record and could affect future jobs.

my job ? what are you on about this is an internet forum , im only trying to help people that need it.

Again semantics. You are a professional IFA ( or financial planner whichever one you want to be known as) so you should be able to offer more help.

So the correct route is do nothing? Ive said complain, isnt the only other course of action do nothing?

How exactly are Points 2 and 3 doing nothing?

jem16

whiteflag wrote: »

sorry Jem before I put my IFA hat on can you just confirm it was you that said in post no9

Yes I did and there is nothing complicated about the product.

However strangely enough I do not have the exact same fund as the OP and nor do I have access to exactly the same policy document so I am not going to mislead the OP. The info I posted may not apply to the bond taken out 2 years ago.

So perhaps if you know the answer you could enlighten us or would you rather just play mind games?

whiteflag_3

I said i din't agree with your business model - nothing to do with your ability to do it

people paying the same for the same advice without any bias for how much money the client has? if you dont agree with a model that is completely fair and avoids all the issues that appear on here on a daily basis then thats up to you. I just worry that you apply the same tunnel vision to your day job and as I have 3 children in the scottish education system that worries me.

Yes I agree - some are. It still doesn't change the fact that the Williams wer happy with what they thought they had. Unfortunately they didn't read everything as thoroughly as they should have

Have they posted they were happy with what they thought they had?

I'm not being hostile. I've seen too many teaching careers ruined when people jump to conclusions that have been wrong to not want it done to someone else.

Really i find that very worrying as well

Their policy is with Aviva - of course they can complain if they have been given wrong information on making a withdrawal.

if you say so

Are you referring to this?

He seems to make it quite clear that it will always be on their record and could affect future jobs.

If everyone reading these forums follows Dunstonh's advice and avoids salesforces wont that effect their jobs as well. The man constantly contradicts himself .

Again semantics. You are a professional IFA ( or financial planner whichever one you want to be known as) so you should be able to offer more help.

nothing to do with semantics - its pretty pathetic when everytime a point is made you dismiss it as semantics

How exactly are Points 2 and 3 doing nothing

? [/QUOTE]

they are complaining the opposite of doing nothing unless theres another option

whiteflag_3

jem16 wrote: »

Yes I did and there is nothing complicated about the product.

However strangely enough I do not have the exact same fund as the OP and nor do I have access to exactly the same policy document so I am not going to mislead the OP. The info I posted may not apply to the bond taken out 2 years ago.

So perhaps if you know the answer you could enlighten us or would you rather just play mind games?

have you read the whole thread- when did I say I last used Norwich Union? My only experience are the odd victim who think they have a deposit bond when they have a NU wp bond.

IMHO investment bonds are not simple products - if i said to you what are the tax differences between cashing in segments as opposed to evenly across all segments could you reply straight back because youve read the policy conditions? how does top slicing work? can you add additional life cover to an investment bond? whats the difference between onshore and offshore bonds? Can you assign individual segments of a bond? 5% free tax income , is it really tax free?

Simple? and thats before we get to any investment.!!!!!!!

jem this is not getting at you just trying to show why I dont think they are simple.

whiteflag_3

jem16 wrote: »

The info I posted may not apply to the bond taken out 2 years ago.

so why bother posting it . in hindsight does it really help the op?

whiteflag_3

jem16 wrote: »

So perhaps if you know the answer you could enlighten us or would you rather just play mind games?

me? mind games im nae clever enough for them:o

jem16

whiteflag wrote: »

people paying the same for the same advice without any bias for how much money the client has? if you dont agree with a model that is completely fair and avoids all the issues that appear on here on a daily basis then thats up to you.

You know perfectly well that it's how you choose funds ( or not as the case is) that I don't agree with. I don't have an issue with your charging structure.

I just worry that you apply the same tunnel vision to your day job and as I have 3 children in the scottish education system that worries me.

As I don't teach in your neck of the woods why would that worry you?

Anyway you'll have more to worry about with the way Scottish Education is heading than you will with me teaching your lovely children.

Have they posted they were happy with what they thought they had?

This seemed to suggest they were.

they came back with the fact it was a guaranteed investment fund plan but linked somehow to the with profits fund. Phew - that was ok as that meant our money was safe

If everyone reading these forums follows Dunstonh's advice and avoids salesforces wont that effect their jobs as well. The man constantly contradicts himself .

What did you do before becoming an IFA?

they are complaining the opposite of doing nothing unless theres another option

To make sure the complaint is valid is not doing nothing.