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Whilst in Dubai some 10 years back I signed up for a 10 year Generali Vision Plan in the belief that my initial investment would have to remain in the scheme for 10 years, i.e. like a fixed term investment.

I made regular payments into the scheme for 2 years and then stopped, as planned from the very outset. Now that the scheme has matured, I find that Generali have been deducting Administration Charges (undisclosed on their statements) in the form of units as though my monthly statements had continued for the whole 10 years.

The net result is that their charges have amounted to in excess of 60% of my investment with a pay-out little different from my initial investment!! Having studied in detail their small print (Vision Policy Conditions) and the one and only application form that I signed, I can see no reference stating that I was in effect signing a contract to maintain my monthly payments for the whole 10 years.

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Anonymous
#1535115

This was my post from many years ago, I was advised to take a 15 year Vision Plan product and am suffering the consequences as explained. I am so sad to see that this is still happening.

I had a very unpleasant and costly experience with De Vere Group Financial Planners which was made possible and all the worse by the Generali Bond that they missold me. What was NOT made clear to me by Generali or De Veres is that ALL commission on the bond is payable upfront to the advisor selling you the product which means that I am now locked into a very expensive and unsuitable product. This goes a long way to explaining why I never heard from the De Vere group again despite promises of regular updates and meetings. For an unscrupulous company like De Vere this type of product is a God send.

This means that if you wish to transfer the management of the product to any other financial advisor as I did when De Vere left me high and dry they will have to charge you for managing it. It also means that if you wish to exit early the fees are astronomical as ALL commission that was paid upfront to your IFA is included in the exit fee..ironic really!!!! Generali products are expensive anyway. Their fees are way in excess of other comparable products and when asked why they woould do this and how it served me, the client, I recieved no reply.

I can only assume that they, like De Veres just want your money without providing service and this is a great incentive and temptation to unscrupulous IFA like De Veres and it can only serve to encourage bad practice within the field of IFA. Please be aware of this if offered Generali products and always check with the product provider. Incidentally, I know this makes me sound very naive however I did ask pertinent questions regarding the fee structure when considering the product as in the litearature it seems excessive and expensive however I beleieved what De Veres told me about how that worked which turned out to be a pack of lies.

This experience has cost me dearly and I would like to think that this will save others that experience where De Veres or Generali are concerned. Monetary Loss: $150.

Pissed_Consumer_ITH
to Tigerlily #1535128

Hi TigerLily, am trying to group up as many victims as possible into one legal action against Generali Vision Plan scandalous charges. If interested to join please comtact me : Imrana.Thiam@gmail.com.

Anonymous
#1068769

Just another failed ex-IFA bad-mouthing the products to get back at the chop-shop that fired him.

Anonymous
to Anonymous #1259752

A lot of these IFA's are living the 'down-low' lifestyle in Dubai. I have had at least 34 of them in my arrse this year alone and none of them used protection and they all came hard in my gape.

Just last week I was receiving 'quadruple gary' from 4 IFA's (which hurt a bit and caused the massive rips that these brokers love so much) and out of nowhere they produced a Generali Vision brochure, which they rolled up and stuffed into me along with a bunch of ETF's. They then invited 20 more brokers and they all took turns emptying their luggage down the middle of the brochure straight into my jacksie - it felt good but I'll probably need to get tested as they all bareback brass on a weekly basis.

What does this have to do with my complaint? Well someone mentioned IFA's/Generali Vision and getting shafted, therefore my story is as relevant as it gets here.

tandem_4x4
to Anonymous #1390549

Can you please help and support me to sign petition against Generali and their brokers/agents lack of disclosure:

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

Join me on Facebook group created for those who suffered from Generali Vision: https://www.facebook.com/menadodgyadvisors/?ref=aymt_learn_about_boosted_cta_tip

Anonymous
San Antonio, Texas, United States #992789

I will assume this is a real complaint in spite of the fact it probably isn't and just say "oh dear, more selective memory". In the "Glossy brochure" it clearly states on page that the initial period is 13.2 months and just above that (clause 3.3: Initial Period) it states that 100% of the regular premium unit allocations are set aside for the admin fees due over the duration of the premium payment term; ie.

10 years. So, why is this such a shock for you? I assume you saw the "Glossy brochure huh"?., or did you just blindly fill out an application for a product you had never read about eh Silly? Jeez, it's always someone else's fault isn't it.

You contributed for 2 years; ie 24 months correct?

Therefore 13.2 of those months is gone right off the bat and then there is this 1.5%pa on top - this is where the 60% went and you had all of the information so this is your fault. However, it would appear that stupidity prevailed twice because had you actually read the "Glossy brochure" you would have realized that there were up to 5% bonus incentives payable every month and another 5% payable at end of year 10 - all of these based on the contributions and these would have negated a lot of the cost.

Anonymous
to Anonymous #992828

When I signed up there was no such glossy brochure clearly stating the points you mention. NOWHERE in the 'small print' did it mention this front loading, namely the very high upfront admin charges and that a large portion of these charges went as a one off payment to the (so called) independent financial adviser (IFA) who sold the policy.

Hence the IFA, once he received his commission, had no interest in providing investment advice for the rest of the term. Only by digging deep into the 'small print' would one realise that you are locked into the initial stated term of the investment with high penalties, fees for early encashment. The IFAs (de Vere and others) all failed to mention this. If you took some time reading other comments on pissed consumer as well as a number of other financial blogs, you would have discovered that perhaps I and many many others were not, as you so eruditely phrased it, ***.

Also, if you old son were able to do some basic maths, you would know that if one starts at the very beginning from a lower base amount, due to these very high upfront charges, then one is always playing 'catch-up'.

Maxwell Ph.D. (Physics)

Anonymous
to Anonymous #1068771

If you point the finger, three point back.

tandem_4x4
to Anonymous #1390552

Can you please help and support me to sign petition against Generali and their brokers/agents lack of disclosure:

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

Join me on Facebook group created for those who suffered from Generali Vision: https://www.facebook.com/menadodgyadvisors/?ref=aymt_learn_about_boosted_cta_tip

tandem_4x4
to Anonymous #1390551

If a murderer killed a woman in the night on the empty street, is it all her fault???? Can you please help me to understand.

Anonymous
Dubai, Dubai, United Arab Emirates #902742

GCC leaders and officials have commended the significant role played by Custodian of the Two Holy Mosques King Abdullah to end the eight-month-old rift between three GCC countries with Qatar and strengthen GCC unity.

Qatari Emir Sheikh Tamim bin Hamad Al-Thani commended the Saudi king for taking the initiative to hold an emergency summit in Riyadh on Sunday to end the dispute between his country and Saudi Arabia, UAE and Bahrain.

“The summit was held in a brotherly atmosphere and King Abdullah played an important role to make it successful,” said Qatari Assistant Foreign Minister Mohammed bin Abdullah Al-Rumaihi.

Sheikh Tamim had sent messages to King Abdullah and Kuwaiti Emir Sheikh Sabah Al-Ahmed Al-Sabah welcoming the outcome of Sunday’s summit, which resulted in sending back the ambassadors of the three countries to Doha.

“King Abdullah endeavored to make the summit successful reflecting the hopes and aspirations of the GCC people,” the Qatari Foreign Ministry said.

According to one report, Qatar had given a written undertaking during the summit to change its controversial policies within a month and end its media campaigns against Egypt. The UAE, Kuwait and Bahrain have welcomed the summit’s outcome and praised the efforts made by King Abdullah and Sheikh Sabah to end the Gulf crisis.

“King Abdullah’s wisdom and his vision to strengthen the GCC by transforming it into a Gulf Union are highly commendable,” said Saudi Ambassador to Qatar Abdullah Al-Aifan. The UAE said the summit, called and presided over by King Abdullah, was instrumental in bolstering GCC unity. “We hope it will open a new chapter in inter-GCC relations,” said Anwar Qerqash, UAE state minister for foreign affairs. The Kuwaiti Council of Ministers underscored King Abdullah’s efforts to strengthen cooperation and integration among GCC countries.

It added that “a positive and constructive spirit had prevailed over the meeting of GCC leaders in Riyadh.” Bahraini Foreign Minister Sheikh Khaled Al-Khalifa also noted King Abdullah’s leadership role in boosting joint GCC action. “The unity of GCC countries will help confront the challenges facing them,” he said.

Saad bin Tiflah, former information minister of Kuwait, also praised the Saudi king’s pivotal role in ending the crisis. “The king handled the crisis with wisdom giving priority to the interest of the GCC countries and people,” he added.

Anonymous
#902701

Scam - I must say that I agree with you. I signed a 25 year Generali Vision plan when I was 30, the premiums were affordable, sustainable and the adviser has been excellent.

I am now 37 and whilst it has performed and been serviced very well, I think I was ripped off. This plan was for my retirement at age 60, (the adviser refused to go beyond 25 years) however, I have decided that now I have read some bile online on some rubbish website, I need to cancel it. It is not that my goals have changed or that it is even that expensive anymore considering the charges were front loaded and the ongoing advice is now free (built in anyway), the tax efficiency works well for me and may even roll it into one of the free trust structures that are build it. There is simply no rhyme or reason other than I am irrational with a highly selective memory.

So, on this basis, I want all of my money back, Generali are to blame and also the adviser because he told the truth which suited me then but not now. Once he has paid all of the commissions back that he received, then I will feel whole.

His 7 years then he spent working for me for free will then serve as a lesson for telling the truth and dealing fairly with people like me. I think that is fair.

There are a number of reasons for this

tandem_4x4
to Agree #1390553

You are exactly right! every word is what I am thinking!

Can you please help and support me to sign petition against Generali and their brokers/agents lack of disclosure:

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

Join me on Facebook group created for those who suffered from Generali Vision: https://www.facebook.com/menadodgyadvisors/?ref=aymt_learn_about_boosted_cta_tip

Pissed_Consumer_ITH
to tandem_4x4 #1534834

Hi Tandem am not able to access the facebook page you mention. Is it still active ?

Anonymous
to Agree #1466057

this is brilliant!!

Pissed_Consumer_ITH
to Agree #1534835

Am in the same situation. We have little to no chance of winning individually.

Best is to group up all of us and take legal action against Generali Worldwide.

Contact me ... Imrana.Thiam@gmail.com.

Anonymous
#894650

I've been reading the anti-generali anti-IFA filth on here and to be honesty, you are all either employees who failed at company xyz or competitors slagging each other off ie. fee based verses commission (neither of which is bad) but none of you can help yourselves.

Why don't you all meet and just have a punch up to settle it because honestly the mis-selling isn't the stain on the industry, but it is this rubbish.

Slagging the competition off online is sad, wasting time slagging off an ex-employer is a waste of life and the only winners are this website who thrive from this. You lose, the people you are slagging off lose and the consumer loses because they give up checking sites like this because there is no value

Anonymous
to Yuck #895119

Time of the month yuck? but yeh, tend to agree with what you just said

Anonymous
#888939

Blow your unit-linked wad all over my face. Lovely.

Anonymous
to Fluffer #894652

Then do it to me, but invite 4 friends because I want to feel all of you at once

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