Claiming/ complaining re mid sold (?) FSAVC

JoeCrystal

Marcon said:

The old board allowed you to set certain posters to 'ignore' so you didn't have to read their posts. Can't see how to do it under the new system - please could anyone help, or isn't it possible now?

Go to the user's profile and top right red button is ignore dropdown. Made a use of it today.

DT2001

Ibrahim5 said:

It's irrelevant whether it was sold by a financial adviser or an independent financial adviser. An Allied Dunbar financial adviser would sell their FSAVC while an independent financial adviser would sell one from another company. Either way they were sold so the adviser could get their commission. Just print an agreement out, find a teacher and earn hundreds of pounds plus continuing payments. Get them to pass it on to another teacher and earn the same again.

An IFA had a greater choice of funds. If people do well from their investments they do tend to recommend. I know quite a few who did well from with profit policies so it was not all bad news.

The industry has moved on.

If there was mis-selling there is recompense.

I’ll reiterate, the industry isn’t perfect (just like society) but it is more transparent and you do not have to use an IFA if you do not want to.

Ibrahim5

IFAs only got paid by commission for these products sold in the 1990s. There were no other fees. So the IFAs worked exactly in the same way as an Allied Dunbar financial adviser. If we take an analogy with cars the IFA can sell any type of car. The financial adviser works for BMW so he can only sell BMWs. So the IFA gets paid commission for selling any type of car and the financial adviser gets commission for selling BMWs. So anyone who earns commission on sales wants to sell as much as possible. So that's how IFAs operated in the 1990s. If they got commission from a teacher for an FSAVC they would find another teacher to get the same again. Life insurance, critical illness, income protection, endowment mortgages all worked the same. So the IFA would try and sell you the lot and then move on to your friends. There was hardly any discussion about suitability. If you have just started work as a teacher you can sort of always make a case for having them all. 
I think it's really dishonest of dunstonh to try and make a big distinction between independent financial advisers and financial advisers on this subject. Mine was invested with a different company very poorly and no review was ever done. Probably would have done better with Allied Dunbar.
My only complaint really was the lack of information regarding added years. I would probably have paid both. The only reason I can think of why IFAs never mentioned them was that some people might buy the added years instead of the FSAVC. Then horror- they would lose their commission. And they would do anything to get that.