Co Op Platinum Bonds MVR Help

Fingers_Malone

Hi, My father has a large sum of money in Co-Op platinum bonds and has recently wanted to withdraw the money but was told an MVR would apply. I have read other posts on here and elsewhere regarding the high penalty charges but they are old posts and wondered if anyone has any fresh advice they can offer.

Is there a way of getting the money out without a charge or a way in which the charge can be reduced. He is quite upset as he was not informed about the charges until after he invested in the bonds and he feels he has been miss sold them.

Thanks for your help in advance.
:beer:

Fingers_Malone

116 views and no reply! Was it something I said?

sabretoothtigger

Ive never heard of them. Sounds like fixed term savings. Why is it a surprise they want you to hold onto them, how long has he held

Maybe they are with profits ?

badger09

A google search came up with this:

http://www.co-operativeinvestments.co.uk/servlet/Satellite/1198741976492,CFSweb/Page/Investments-WithProfits

MVR is clearly mentioned in the overview and in the Product Guide (PDF).

OP
Does your father have the original Product Guide or Key Features? I find it hard to believe there was no mention of MVR in them.

Fingers_Malone

Yeah I found that, he seems to think there was no mention of MVRs until recently!

jem16

Fingers_Malone wrote: »

Yeah I found that, he seems to think there was no mention of MVRs until recently!

Unlikely as it would be clearly laid out in the T&C?

Did your father choose this investment himself or was he advised in any way and if so by whom?

Fingers_Malone

he was advised by an CIS insurance salesman

jem16

Fingers_Malone wrote: »

he was advised by an CIS insurance salesman

You should check the paperwork then. However from their website it looks like all the T&C are clearly there so I suspect it's a case of your father not reading the paperwork.

Fingers_Malone

Yeah thats the conclusion I have come to. I just could not find any newer information regarding the MVRs.

Thanks for your time

Careful_ly

I hope I'm reading correctly but it seems to say that from 14th February 2013 no MVRs are being applied to this product.
http://www.co-operativeinvestments.co.uk/servlet/Satellite/1198741976492,CFSweb/Page/Investments-WithProfits

in the investment detail section. Sorry cannot link to relevant section.

Onawingandaprayer

Admittedly quite a while back - about 15 years - my wife and I were advised to invest quite a largish sum of money in 4 different bonds. At the time we made it quite clear to the advisor that we would want to be able to get our hands on the money at any time from five years on (from then.)

Fortunately for me he wrote this wish into the original document.

When we tried to withdraw the funds we were was told each of them had a fairly substantial MVR applied to them. There was NO mention of this in his documentation.

After a great deal of pain, during which the advisor and his compliance department wriggled and squirmed, we took our case to the Financial Ombudsman. About 18 months later they ruled in our favour and adjudged that the advisory company should cover the cost of each of the 4 MVRs.

Whether this applies to your dad's case only you and he can establish. But I suggest you check all the original paperwork with the finest of toothcombs.