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I was sold this Royal London 360 as an investment for my QROPS, it has lost 20% of its value in 4 years and now the bastards are trying to charge me £3k to get out. Each year the various fees are more than the investment return.

Neither the broker company who sold me the QROPS nor Royal London are at all sympathetic - I have to still keep on paying admin and trustee fees and watching the investment shrink until some mythical break even point when it's worth paying a grand or two to get out. The money would have performed better in a high street bank. The ombudsman is toothless, apparently the fine print about "value of your investment can go down as well as up" covers any amount of incompetence, mis-selling and crass stupidity.

In fact the broker just laughed when I mentioned the ombudsman service.

How is this even legal? I understand some companies can offer *** investments (although pretty much everything else including cocoa palms in West Africa would have done better) but surely there ought to be some sort of rule that allows a customer to cancel without penalty after years of lousy performance.

Product or Service Mentioned: Royal London 360 Investment Service.

Reason of review: Pricing issue.

Company wrote 0 public responses to the review from May 24, 2016.
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Anonymous
#1493330

I fail to see why any of this is RL360s fault?All of this is your brokers fault for taking his hands off the wheel with regards your investments and not explaining the fees in advance.You are also accountable for signing up for this and not understanding it in full. No one should part with money without fully knowing what they are getting themselves into!

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