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.