mvr, market value reduction

jem16

whiteflag wrote: »

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.

Surely it wouldn't matter if it was NU, Scottish Widows or whoever? You have the financial knowledge of the products.

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.!!!!!!!

OK - point taken.

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

I'm glad. We did used to have some interesting discussions. Recently you just seemed to be having a dig at me no matter what I said.

whiteflag wrote: »

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

I don't know - I thought it might help them get some of their money without at least some of the penalties.

That's why I'm asking you and dunstonh.

whiteflag_3

jem16 wrote: »

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.

but you dont know how we choose funds do you?

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

exactly - so are you sayin not all teachers are the same?

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

past worrying going to have to pay for it

This seemed to suggest they were.

just suggested they werent ?

What did you do before becoming an IFA?

whats that got to do with it? what did you do before you were a teacher?

as you ask

was born
went through the education system (wales/england and scotland)
got a job at the clydesdale bank
passed my associate then members chartered institute of bankers exams
joined A National IFA

worked for a local IFA

started my business in 2002 and put into practice all the things i had seen done badly over the previous 20 years.

the rest is history

look forward to your life story

whiteflag_3

jem16 wrote: »

Recently you just seemed to be having a dig at me no matter what I said.

yes well the feelings mutual:o

jem16

whiteflag wrote: »

but you dont know how we choose funds do you?

Have you changed your way since you told me that you pick from your multi-manager range?

http://forums.moneysavingexpert.com/showpost.html?p=25554911&postcount=28

whats that got to do with it?

as you ask

was born
went through the education system (wales/england and scotland)
got a job at the clydesdale bank
passed my associate then members chartered institute of bankers exams
joined A National IFA

worked for a local IFA

started my business in 2002 and put into practice all the things i had seen done badly over the previous 20 years.

the rest is history

Like most IFAs you started your career in a bank. So the Principality adviser might have the same ambitions as you - hope it works out for him/her.

look forward to your life story

I hardly think it's relevant but just for fun.

was born
educated in scotland
started teaching

EdInvestor

This thread also highlights another problem with the current 'advice'/sales/distribution system for financial products.

It clearly didn't occur to the OP that they could have gone back to the original salesman at the BS to ask him to organise the withdrawal of money invested with Aviva.If it did, they may have thought it was a simple issue not needing expertise, or that it would have incurred a fee.It's probable they would have been wrong on both counts.

It's very clear they hadn't properly understood the t@cs of the bond, or the complicated provisions affecting the guarantee and withdrawal charges, or the alternative of taking income.

Whoever's fault that may have been, it meant that they were really unable to conduct a proper discussion with the Aviva call centre staff on how to go about the process of getting their money in a fair and equitable manner.It appears that said call centre staff were themselves ill informed, so what we had here was the blind leading the blind.

IMHO IFAs and salesmen should be made to commit at the point of sale to include follow up on this kind of issue with this type of product in their future service at no extra charge so that customers know they can get help to deal with the insurance company.(Those selling investment bonds upfront are after all often getting the highest commission available in the business :mad:)A 5 year period would seem reasonable.

Insurance companies take every opportunity to cheat unrepresented customers and it is quite unacceptable for the average punter to be left alone to try to navigate these kinds of shark-infested waters especially when quite large sums of money are at stake. .

whiteflag_3

EdInvestor wrote: »

This thread also highlights another problem with the current 'advice'/sales/distribution system for financial products.

It clearly didn't occur to the OP that they could have gone back to the original salesman at the BS to ask him to organise the withdrawal of money invested with Aviva.If it did, they may have thought it was a simple issue not needing expertise, or that it would have incurred a fee.It's probable they would have been wrong on both counts.

It's very clear they hadn't properly understood the t@cs of the bond, or the complicated provisions affecting the guarantee and withdrawal charges, or the alternative of taking income.

Whoever's fault that may have been, it meant that they were really unable to conduct a proper discussion with the Aviva call centre staff on how to go about the process of getting their money in a fair and equitable manner.It appears that said call centre staff were themselves ill informed, so what we had here was the blind leading the blind.

IMHO IFAs and salesmen should be made to commit at the point of sale to include follow up on this kind of issue with this type of product in their future service at no extra charge so that customers know they can get help to deal with the insurance company.(Those selling investment bonds upfront are after all often getting the highest commission available in the business :mad:)A 5 year period would seem reasonable.

Insurance companies take every opportunity to cheat unrepresented customers and it is quite unacceptable for the average punter to be left alone to try to navigate these kinds of shark-infested waters especially when quite large sums of money are at stake. .

being as I post when I disagree with Edinvestor, I think it only fair to say I agree with this post and the problems with ongoing service.