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Equitable Life


Benjamin

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My OH lost nearly half of his retirement "pension pot".  It might well be that we would not be in France if we had all the money!

One of the reasons for moving here was affordability.  Like ErnieY, I'm not holding my breadth and we just want to forget that particular nightmare.

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Quite frankly, the whole Financial Services industry in the UK should be ashamed of it's record over the last 20-30 years.

From (at the extreme) the debacles of Equitable Life and Northern Rock, to the general mistrust of everyday folk towards their High St Bank, its a case of disaster after disaster. The regulatory authorities have singularly failed in their roles.

Our sons have, as a result of inheritance, a few £k's to invest and are looking to us for advice. Me?!!  I don't even know where to put my own few quid. No trust: no confidence.

Oh, and a rant: elder son needed to increase his overdraft by £100 for 3 days with his High St bank. Rang the Call Centre - "No". Went in to the branch: "We'll make a special request, but while you're here, let's talk mortgages. OK for £247k. Oh, but sorry, the computer says no to the £100 for 3 days". Work that one out.

 

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Doesn't surprise me at all, Gardian.

For my sins, I did a short part-time stint at a bank just for some pocket money before coming to France.  It was amongst the worst experiences of my life and, money or no, I couldn't stick it and jacked in the job a bit prematurely as I could have done with the loot.

On the other hand, no amount of money would have compensated me for having to spend time with morons day after day.

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I too have bits of pensions with Equitable Life and expect nothing to come of recent events. Tho I loathe this government, the main problem at Equitable was the Board.

Gardian, I would suggest that they bought shares in a FTSE 100 company with a strong history of good dividends. Obvoiusly steer clear of retail and property.  

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It was indeed blatant deception by Equitable's hierarchy and oh-so-trustworthy (no-commission) sales force.

But the regulators should have prevented it. The SIB (forerunner to the FSA) specifically allowed with-profits funds to be marketed as "low risk", presumably on the basis that the government's actuaries were responsible for ensuring that liabilities were fully covered by assets....

And while the reassuring adverts bombarded TV screens, it was just the sort of "sensible" financial planning the government was promoting.

 

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