Having been a policyholder (twice over) since the 80's I was looking forward to receiving a bonus with their takeover by Royal London.
HOWEVER, it seems that because our policies were assigned to a building society (they aren't now and haven't been for a few years) we have lost membership ... Read review
Advantages: none Disadvantages: not nice people to do business with
Having been a policyholder (twice over) since the 80's I was looking forward to receiving a bonus with their takeover by Royal London.
HOWEVER, it seems that because our policies were assigned to a building society (they aren't now and haven't been for a few years) we have lost membership rights and therefore not only any windfall, but also our right to vote!
Now, the first I heard of this was a month ago. We were not told when we purchased ... ...rights of membership.
In my opinion this is tantamount to the company lying to it's policyholders and is therefore makes it eligible for a charge of mis-selling.
I could under no circumstances recommend a company that I feel tells lies. I am an Independent Financial Adviser and have supported them over a period of 20 years - and guess what, the vast majority of the policies I sold have also been assigned so my clients get nothing! ... more
Having been a policyholder (twice over) since the 80's I was looking forward to receiving a bonus with their takeover by Royal London. HOWEVER, it seems that because our policies were assigned to a building society (they aren't now and haven't been for a few years) we have lost membership rights and therefore not only any windfall, but also our right to vote! Now, the first I heard of this was a month ago. We were not told when we purchased either policy that assignment of the policy would remove any rights of membership. In my opinion this is tantamount to the company lying to it's policyholders and is therefore makes it eligible for a charge of mis-selling. I could under no circumstances recommend a company that I feel tells lies. I am an Independent Financial Adviser and have supported them over a period of 20 years - and guess what, the vast majority of the policies I sold have also been assigned so my clients get nothing! I have the unenviable task of explaining this to them - at least I'm in the same boat. Do not give your business to this firm - they do not deserve it!
Advantages: Now part of a much larger Mutual organisation Disadvantages: Currently only offers Pension products
...lot of misinterpretaion about how Scottish Life has compensated members for loss of their voting rights. Scottish Life only Mutualised (ie became owned by its policyholders and NOT share holders) in the late '60's and because of this only certain members have qualified for the £500 windfall. People have become far to accustomed to large had outs on these occasions and seem forget their is no such thing as a free lunch, a windfall payment is only ... ...lower rates for mortgage borrowers.
Scottish Life has not "Sold Out" to large institutions like Scottish Widows did to Lloyds TSB but has merged with another, bigger Mutual Life Company in Royal London. So the comparisons being drawn on the windfalls are inaccuarate. The vast majority of the money Royal London has paid for Scottish Life has gone into the With Profits fund to provide better returns in the future and not a one off hand out/bribe just ...
Braders 26.06.2001
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