Court Case
Simon Shaw, the England International Rugby player, is scheduled to appear at the Royal Courts of Justice as a witness in a case between two financial advisers and Zurich.
Other rugby stars (eg Rob Henderson, Phil Greening and Damian Hopley) are also mentioned. It is alleged that some were mis-sold thousands of pounds worth of endowment policies by Zurich. The allegations are being made by the executives Zurich had hired to sell policies to the rugby stars, but who claim they uncovered massive mis-selling instead.
In 1998 Zurich became the official sponsor of the Rugby Premiership, and Allied Dunbar approached Philip Matania and his partner Terence Pullen to sell its products to the rugby community.
Under the deal, Allied Dunbar lent Matania and Pullen £429K to help them build up the business. Nine months later Matania made an appointment to see Simon Shaw.
He had already signed up to an Allied Dunbar endowment policy and its Maximum Investment Plan through Allied Dunbar salesman Mike Skeele.
According to court documents, Matania thought Shaw had been wrongly advised to take out both policies. Matania and Pullen claim that others, eg Wasps players Henderson and Greening, had also been wrongly advised.
Zurich is suing Matania and Pullen for recovery of the loans plus interest, and Matania and Pullen are counter-suing, claiming Zurich sabotaged their business in revenge for them pointing out the mis-selling.
Showing posts with label zurich. Show all posts
Showing posts with label zurich. Show all posts
Sunday, November 16, 2008
Saturday, January 22, 2005
Tick Tock
Tick Tock
Time is running out for the hapless holders of underperforming, and useless, endowment mortgages to complain over mis-selling.
The life assurance companies will be writing to their policy holders in the coming months, warning them that they have a limited length of time left to complain.
After that, tough luck!
It is reported that Standard Life and Lloyds TSB will shortly be starting their mail shot about this issue.
Norwich Union, will be writing to its 1.1m endowment policy holders in March, reversing its earlier commitment not to impose a time bar.
How nice of them!
Friends Provident and Zurich will also be writing to their policy holders.
Some will allow 6 months to complain, others 12.
The Financial Services Authority (FSA) rules give policyholders three years to complain, after the arrival of an initial letter warning that an endowment has underperformed.
Out of the large firms, only Legal & General and Prudential have not imposed time limits on complaints.
Time is running out for the hapless holders of underperforming, and useless, endowment mortgages to complain over mis-selling.
The life assurance companies will be writing to their policy holders in the coming months, warning them that they have a limited length of time left to complain.
After that, tough luck!
It is reported that Standard Life and Lloyds TSB will shortly be starting their mail shot about this issue.
Norwich Union, will be writing to its 1.1m endowment policy holders in March, reversing its earlier commitment not to impose a time bar.
How nice of them!
Friends Provident and Zurich will also be writing to their policy holders.
Some will allow 6 months to complain, others 12.
The Financial Services Authority (FSA) rules give policyholders three years to complain, after the arrival of an initial letter warning that an endowment has underperformed.
Out of the large firms, only Legal & General and Prudential have not imposed time limits on complaints.
Monday, April 26, 2004
I understand that Allied Dunbar has upheld a misselling complaint against an IFA, despite overwhelming evidence that the risks inherent in the policy were made clear at the time of sale.
The client alleged that he understood his Maximum Investment Plan (MIP) to be a savings product, and was unaware of the possibility of any shortfall. He claimed that he was not told that the policy was linked to the stock market.
However, the personal illustration issued at the outset, warned that an annual growth rate of 5% would cause the policy to fall short of its required maturity value by £5K.
Despite this, the life office upheld the complaint and refunded the investor’s contributions.
Zurich, which owns Allied Dunbar, noted that that the complaint was upheld on a technicality.
Allied Dunbar was fined £725K by the FSA for not dealing with misselling claims quickly enough.
This decision should, in my view, have repercussions for those of us seeking compensation for endowment mis-selling.
The client alleged that he understood his Maximum Investment Plan (MIP) to be a savings product, and was unaware of the possibility of any shortfall. He claimed that he was not told that the policy was linked to the stock market.
However, the personal illustration issued at the outset, warned that an annual growth rate of 5% would cause the policy to fall short of its required maturity value by £5K.
Despite this, the life office upheld the complaint and refunded the investor’s contributions.
Zurich, which owns Allied Dunbar, noted that that the complaint was upheld on a technicality.
Allied Dunbar was fined £725K by the FSA for not dealing with misselling claims quickly enough.
This decision should, in my view, have repercussions for those of us seeking compensation for endowment mis-selling.
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