Advice on Royal Skandia Bank and so called Savings and Pensions account?

Expert Info

Posted by

on 5 Dec 2011

I would like some advice on what I can do with regard to a Managed Savings and pension account that I took up with Royal Skandia when I was working in Botswana. I believe I was misled into believing that it was a savings account which would grow over the years. In fact, this account has been losing money over the 6 years that I have had it. Now that I have decided to surrender it, in fear of it losing all the money that I am hoping to save for my retirement, Royal Skandia have taken more than half of the money I have saved as penalty. I was not informed at the time that I would incur penalties should my circumstances change or should I decide to cease paying if the account is not viable any more. I cannot understand why I am being penalised for Royal Skandia misinvesting my savings and losing my money. Why am I being punished because I am refusing to continue to pay into a savings account which has been losing my savings and retirement nest egg. I am 51 and cannot, in all fairness, take that kind of risk. In addition, the booklets which were given to me on opening this account do not contain any information as to the rate of the penalties should circumstances change, the information is vague. I believe that Royal Skandia has misled me, cheated me and I would like to know if I have any legal rights to have this investigated. I have since returned to the UK and would like to know what contacts I can make for information and help. I cannot accept that Royal Skandia has a legal right to basically cheat and mislead people and get away with it. I thought they were a reputable insurance and investment company.

Anonymous (not verified) on 22 Aug 2012 - 17:46

Daniel, I have RSK for $210 monthly - 15 years on aggresive. Right now I'm loosing around $600 in one year and half. Do you know by when I can start seeing any diffence or balance? Any advice is appreciated. Douglas C

Anonymous (not verified) on 22 Aug 2012 - 17:49

Daniel, You can email me on [email protected] for your advice and the account is for managed pension account. Thanks

Anonymous (not verified) on 23 Aug 2012 - 10:03

Hi there Douglas,

Thank you for the comment . I have sent you an email reply so we can correspond direcly on this matter.

Thank you and regards,
Daniel

Anonymous (not verified) on 2 Oct 2012 - 16:14

Anonymous - I occasionally meet people like you - you need help. Instead of assisting in finding a solution, you try to start a riot - do you belong to the ANC? Jonny C

Anonymous (not verified) on 2 Oct 2012 - 16:30

I think this thread went off on a tangent and needs to be brought back in line. The 2 problems with the the Scandia product is 1. The underlying portfolios chosen - this is a fairly common problem experienced in the said Skandia endowment type investment and and is unfortunately the investors problem. The second problem was not addressed by Daniel. The distressed Skandia investors appear to have not been aware it carried a exit penalty fee. Investors can be forgiven for not realising the severity of this penalty placing Royal Skandia and Old Mutual is a very serious light. Both these companies have reputations to look after an have damaged them with this product in two ways. The first one is by having a exit penalty. The second way is by creating an exit penalty that extends beyond 5 years. (My exit penalty is still 6.5% of investment after 11 years!!) Really Old Mutual and Skandia! You ought to be ashamed of yourselves - allowing such a distructive product to be sold under your name. Jeff C

Anonymous (not verified) on 3 Oct 2012 - 08:03

Hi John, I hear you, but what you need to understand is that I'm not here to re-write the Skandia terms of business, nor the contractual fine prints etc. There are many points I totally agree on, but I just do not have the ability to do anything about them personally. I use various other PortFolio providers for my HNW clients, although I tend to lean more towards non market correlated investment solutions these days. I have a solution that could recover any exit penalties fairly quickly. We sometimes just have to get out and cut our losses and apply the investment somewhere where the money is really going to work for you. The solution offers unconditional principal protection and can yield a 55% ROI over a 3 year period with 4 tiers of protection by min A-rated insurers. The solution was previously only available to Institutional investors, but now also accept retail investors. We can go around in circles with some of these issues and problems, but if you'd like to do some serious damage control, then you need to speak to me. Thank you, Daniel

Anonymous (not verified) on 4 Oct 2012 - 10:49

Just a note of caution to anyone reading this thread - noone can offer a 55% ROI over a 3 year period without there being a very significant risk. With investments, if it sounds too good to be true it almost certainly is.

Anonymous (not verified) on 4 Oct 2012 - 12:08

Tom,

No offence to you, and I'm sure you mean well, but this investment is very, very popular amongst Brits and Europeans and I think its quite unfair and presumptuous to make a statement like that when you clearly don't have any proof to back up such a statement.

There's just no way you can justify such a remark and anyone who would like to have more information on this investment can contact me for comprehensive information. In fact, its one of the easiest to understand investments you'll ever come across and even a lay person will "get" it immediately. No funny business anyware.

As I said, its nothing new but the fact that YOU perhaps have not had any exposure to this, or have not heard of this does not mean its not out there.

I'm here to help those who want to be helped, and have done so for a few people internationally already. My credentials and recommendations are flawless and open for all to see.

Some things are just greater than others, plain and simple.

Thank you
Daniel

Anonymous (not verified) on 4 Oct 2012 - 12:58

I am an experienced investor and I would strongly advise anyone to steer very clear of any investment advisor who guarentees high returns without being very clear of the high risks involved. To suggest that they are not high risk is incredibly irresponsible. Daniel, I can only assume that you genuinely believe your own sales patter and that could be very dangerous for any clients of yours. Their are structured products that even experts do not understand, let alone IFA saleman. IFAs in most juridictions, including Thailand, are almost totally unregulated and there are many companies, some very large ones, who take advantage of this.

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