people are conditioned into believing anything called a “bond” has a high degree of safety.
this is simply NOT the case with many of the “Investment Bonds “ that have been peddled to expat investors by amoral Salesmen in the offshore advice market.
This ( so called bond) is simply a very basic insurance product that has the effect of locking the client (aka the victim!) , into a contract which gives them pretty much zero benefits and from which it is very difficult for them to escape, without incurring huge fees. And which, in any event, will ensure they are paying a very high fee level for ever, or, until they can pay the (required) often huge exit fee and escape with what is left of their money!
with this kind of structure,Your friendly local product pusher is pretty much free to put you into any old bit of rubbish that takes his fancy , and (most importantly) will give HIM the greatest kick-back!
Expats around the world have lost millions through these schemes and it is a complete disgrace that Friends Provident has been a party to this.
I personally, have written to Amanda Blanc , the CEO of Aviva (the current owner of Friends Provident) listing some of the abuses I have been made aware of, involving offshore financial advisors ,making use of the Friends Provident Investment Bond , in order to involve their clients in inappropriate investments that have resulted in significant losses and personal misery.
I am hopeful for a response
Please please exercise Extreme caution when dealing with any offshore financial advisors .
In particular there is absolutely ZERO benefit for any expat to involve themselves in these Investment Bond structures. And, if your friendly local Investment Professional advises such a structure, then you know that he has no genuine regard for you or your financial well-being.
Stay well clear of these kind of people!
