Generali Worldwide
Reviews and Complaints
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Verified ReviewerRipped off by Generali Vision & PPB plans
In 2010 I invested in Generali Worlwide Guernsey, both Vision and PPB plans. Vision for 10 years.
I have also been ripped off by Generali and lost 85,000 EUR to date (8.5 years later) due to clearly excessive Administration charges and fees.
Generali informs me that the remaining amount on my Vision plan of 30,240 Euros, cannot be cashed out as it is reserved and will probably entirely be absorbed into 2019 and 2020 Administration charges & fees.
In which case total Admin charges & fees will add up to 110,000 euros in 10 years !!!
That's an average of 11,000 euros per year.
There is zero plans follow up from Generali nor account administration and certainly not up to the level of the charges & fees they apply. All they do is deduct charges and fees whether your plans are increasing or loosing money, whether you have been paying regular contributions or not, whether your funds are in a healthy or suspended fund, whether you have changes in your life like children, lost your job, etc they just keep draining out your money as Admin charges & fees.
The agents / companies they get Customers from are not explaining the charges & fees to clients, get clients to sign tons of papers to cover themselves and Generali up, and in the end clients get trapped into a long duration plan which cannot be ended without loosing a huge portion of your money. Vision does not update after a certain period (i.e 13 months in my case) to take into account actual client status. 12,300 euros of Admin charges deducted from my Vision plan for year 2018 alone.
Getting redemptions (cashout) paid is also a nightmare, you need to fill in tons of papers and send original documents by courrier and still payments take ages.
All of you who have been trough this nightmare, feel the frustration and actually lost money, whatever the amount ... Let's group up to take legal action, and request in deph analysis on this so as to get indemnified. Also let's make some noise (media) so people do not fall into this trap.
contact me : Imrana.Thiam@***.com.
- Charges &
- Salesmen
Money lost in switches
If you have a GENERALI VISION plan and your owned BRANDEAUX Dual Asset EURClass (A) USD back in 2014, then there is a high chance that Generali owes you money. By reconstructing my portfolio in Excel using the online Generali statement I by chance found out Generali had lost USD2,764.30 of my money.
I raised the issue with Generali who maintains: "So sorry, the statement is obviously wrong. We can assure you no money is lost. We can't really prove it, but trust us!". It subsequently took me 16 gruelling months to get the Guernsey Financial Services Ombudsman to rule in my favour against Generali and get my money back, dressed up as an "ex-gratia payment".
The question now is whether my portfolio is a one off or there are more investors who are owed money by Generali. Please log into your Generali Account -> Documents -> Current reports -> Unit movement History -> Start date: 01/02/2014. End date: 01/05/2014 -> Generate report. Use the data to do the analysis as per the picture attached to this post.
If you have also lost money, please contact me. I can tell you who to write to in order to get your money back. Moreover, if this turns out to be a common problem, I suggest we consider what other actions may be appropriate.
I suggest you check fast as Generali has the ability to change how far back in time investors are able to check their unit movement history on-line. As of 13 October 2017 it was possible for me to download the data set specified above and shown in the picture.
This review is from a real person who provided valid contact information and hasn't been caught misusing, spamming or abusing our website. Check our FAQ
Verified Reviewer | Doha, DohaGenerali Vission Scam
I was working in the Middle East and having no experience in investment. The financial advisor Nexus Financial Services, represented by Helen Roberts (now Helen Pereira) and Graham Foxwell convinced me to purchase Generali Vision retirement product.
After 7 years I lost 2/3 of money I invested, circa $30,000.
The broker/agent definitely not acted in my interests, did not offer me any other option, did not provide the full disclosure, which is understandable taking into account that broker commission structure allegedly has incentives to the broker. If you suffered from Generali Vision or from Nexus, please join me here https://www.facebook.com/pg/menadodgyadvisors/about/?ref=page_internal
- Salesmen
- Suck
- Mis-informed by ifa about plan
Preferred solution: Full refund
Resolved: Generali vision: Investment horror story with
An "advisor " from de vere sold me a Generali vision plan for 30 years ( in Belgium in 2008). My initial premium was 850 euros/ months.
I then paid a lower premium because I had a 3rd child and started working part time. I then received a severance grant and for 10 months in 2014 I increased my premium to 2500/ month thereby following my "advisers'" advice. Since November 2014 I haven't paid any premium. My last valuation shows 66000 of premiums paid, a plan value of 72 000 and a surrender value of 23 500 !
My ( new) adviser (the company is now in Dubai ) advises me to surrender the policy (and lose 49000 euros) . He also told me that the administration fees are not based on the first premium but on the highest premium paid. I don't find in the contract anithing that would explain this amount of 49000 euros if costs. I asked my adviser for an explanation but he doesn't answer my emails and when he does he avoids giving me detailed explanation.
I will thus ask Generali for full repayment of the premiums paid . I understand that this Generali vision scheme I'd illegal in Belgium and the advisor who sold it to me misled me by telling me that I should start with a high premium and that I could freely reduce my premiums or stop paying after the initial period.
I am not the only victim. There are dozens of testimonies similar to mine on the web.
Vision plan refund
Cost structure misleading customers
Preferred solution: Full refund
Scammed by DeVere Group / Generali
- Being scammed
- Poor service
Preferred solution: Full refund
Robbed by unregulated IFA who mis-sold
- Salesmen
- Surrender value
- Being scammed
Preferred solution: Full refund
They are the worst ever, don't sign up
- Suck
Generali Worldwide - Vision Retirement Plan Review from Dubai, Dubai
Generali vision has been a complete rip off - avoid at all cost
Just noticed that a positive evaluation of my financial advisor was automatically added to my review and I cannot delete it. There is absolutely nothing that I like about the Generali Vision Plan.
Its only purpose is to ensure good revenue for Generali over 10-30 years. It will simply rob me of my savings. Advisor was entirely dishonest, gave us erroneous and misleading information and is no longer even bothering to meet us.
He committed to meeting with us once every 3 months to discuss where we are at. Since we have reduced our monthly payment from 5000 USD to 300 USD a month and it turned out that Generali's charges are to be calculated on the highest amount for the plan's life (15 years), our entire investment will be just about enough to pay Generali.
- Advisor was honest that i would lose my money
- Collaboration with unethical financial advisors
- Mis-informed by ifa about plan
- Fraud
Preferred solution: Let the company propose a solution
Stay away from Generali Vision products
- Poor service
Generali scam fund providers
Generali vision plan - 43% Capital loss after 10 Years
- Restrictive and costly termination terms
Things to consider before investing At Generali-Money8Secure
- That they do not refund money
- Surrender value
Preferred solution: Full refund
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Hi. I'm from Kenya and I also lost $30000 in the Generali Vision plan.
How can I get my money back? hkiragu@***.com
I am in the same situation. We have little to no chance of winning individually.
Best way forward is to group up, all of us, and take legal action against Generali Worldwide.
If you have also lost money, contact me ... Imrana.Thiam@***.com
Yes I’ve lost money and need to take action how can I contact u
Can you please help and sign my petitions against Generali Vision and brokers selling it:
https://www.change.org/p/channel-island-financial-ombudsman-stop-generali-selling-products-without-full-disclosure
https://www.change.org/p/qatar-financial-center-regulatory-authority-stop-nexus-financial-services-and-other-financial-advisors
I also created Facebook page to get us together: https://www.facebook.com/pg/menadodgyadvisors/about/?ref=page_internal