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Complainant Name:
Mr Tom Beckett

Clauses Noted: 1

Publication: The Mail on Sunday

Complaint:

Mr Tom Beckett of Great Shefford complained that an article about with-profits bonds misguided the consumer in its misleading suggestion that Independent Financial Advisers should not be trusted to sell a “with-profits” policy, due to the commission they received. The complainant made clear that funds offered within an investment bond wrapper offered the same level of commission, regardless of whether a with-profit fund or another fund within the product was chosen.

Resolution:

The complaint was resolved when the newspaper published a letter from the complainant in the following terms:

Your writer suggested last week that Independent Financial Advisers (of which I am one) should not be trusted to sell a "with-profits" life insurance policy because we will get a 9% commission and may therefore be tempted to recommend it over another product. In fact, with profit funds offered within an investment bond wrapper attract the same commission as other types of funds sold within the bond wrapper.

Report: 78



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