Melbourne, Victoria
1.4K views
Not resolved
1.0
Details
Customer service
Price Affordability
Product or Service Quality
2 comments

After a 7 year relationship with RL360 our tumultuous and fraught relationship has come to an end...

It began in 2008 with investments into both Brandeaux student accommodation and ground rent funds. The first 2-3 years looked promising and growth was noted in both funds. After this the seas started getting rough, Brandeaux (the fund owners) struggle to meet redemption requests and customers, sensing the tides beginning to turn, began tidal wave sized redemption requests, subsequently Brandeaux 'freezes' their funds to 'protect' investors capital.

Meanwhile RL360, caught in the middle, kindly stop their admin fees and charges. Granted the circumstances, RL360 have their hands tied and spend their time fending off angry customers for whom they have no answer. A lot of people are looking at losing vast sums of money.

So what does RL360 do? How so they console their clients given the grave future ahead? I would say nothing. The 500GBP service fee + establishment fees 250GBP + Flat admin fees 140GBP, per year over 7 years effectively soaked up any investment earnings I made in 7 years. Oddly enough when I made my last redemption request they asked for 3 forms of ID, signed by a notary public to be submitted with the request - what! I've been with you guys for 7 years!

So after 7 years I break even. With promises of 8-10% return from day one there's still no real communications between RL360 and myself on what happen throughout the life span on what to do, advise etc... Disappointing to say the least.

My advice - don't use a fund manager like RL360, buy shares/investments yourself and manage accordingly. To this day I still don't know what 700GBP a year was getting me and always felt I was fighting RL360 throughout the 7 years. It really was an odd business relationship. I'm glad it's over.

Product or Service Mentioned: Royal London 360 Investment Service.

Reason of review: Poor customer service.

Do You Have Something To Say ?
Write a review

Comments

You will be automatically registered on our site. Username and password will be sent to you via email.
Post Comment
Anonymous
#1270015

Could you please elaborate on how you redeemed your funds and managed to break-even?

I am contemplating continuing to take the Holiday (albeit fees go up) and requesting one-time withdrawals without surrender penalties.

I've been able to get out $4K of a $50K investment so far. At this rate, the fees will eat into my investment before I will be able to get the rest out.

Please help!

Anonymous
#1066799

This was my experience also, 7 years and a loss. Taking last fund out now. Not recommended.