Yes. But in my case this did not happen.
I was told the policy will pay out at least the required amount unless the entire economy had collapsed. This statement has proved not to be true since my policy is unlikely to pay out the full amount but the entire economy has not collapsed (unless it was out that day!).
:wrote
But the economy **has** collapsed!! :-( Did you not see/hear what happened to the stockmarket from 2000-2003 ? (and it still is nowhere near recovering from the high yet...)
The stockmarket is not the entire economy.
The stockmarket normally rises and falls and it has always been risky for investors. The main reason why I took out a "with-profits" endowment policy because I was told it was __not__ dependent on the stockmarket.
:wrote
That's rubbish - of course it's dependent on the stockmarket. How could it not be? Did you think the insurance company invested your money directly into actual antiques / fine art / gold bars **only** ??!! :-(
I assume this was a reference to the "smoothing" effects of WP policies? Of course, this can be negated somewhat by the insurance company paying out too much bonus to influence the league tables?
Kitchens, double
fall for
be an
Dead on. Some of the most pathetic victims of salesmen that I've met were a pair of Ph.D.s.
policies set
No, the *law* has designated them advisers.
Absolutely.
"Ronald Raygun" wrote in message news:4OfVb.9355$ snipped-for-privacy@news-text.cableinet.net... [snip]
a) they don't b) salesmen have been abolished since 1986 in the UK f.s. industry.
has been
the fact
"no-guarantee"
mis-selling claim.
and deception
that, so long
And I'm saying that salesmen have no place in an industry defined by law as performing an advisory function. And the kind of box-ticking that you suggest is not tolerated by those Ombudspersons who do their job properly.
I do sympathise with the advisers, mind you: even the FSA and some clowns in the FOS speak (and regulate) as if box-ticking is OK.
So hire someone to be your expert, and pay him for his trouble. You don't expect a Ford salesmen to provide unbiased opinions to the value of a FMC vehicle versus a GM one, so why do you expect to get free and get valuable advice from a guy trying to sell you an endowment?
trouble.
That is what you are doing when you consult an authorised person according to the law since 1988.
You
to the value
get free and
endowment?
Because parliament agreed that you could.
"Rhoy the Bhoy" wrote
What? - you are saying parliament agreed that "valuable advice" would be given for free? I must have missed that one!
Read the Financial Services Act, 1986, then.
"Rhoy the Bhoy" wrote
I don't have the full text handy right now - can you tell me *who* they are forcing to give this free advice? I'll pop down tomorrow ...
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