has any one lost money with invesments with MBMG Bangkok

Topic titled edited and topic moved to Banking and Investments Forum.

 

/Moved.

Presumably you are asking if they are legit.

 

I've tried to find any claims to regulatory agencies, but they avoid such claims. But it's interesting to see how they sell themselves. I look at forms of deception or cheeky truths. 

 

They do claim to be part of a dodgy global lawyers network. Take a look at that network's website; it looks like it was created in a couple of spare minutes in a pub garden. Would you want to be part of it?

 

They have a bunch of awards showing on photos on their Google Map entry. These on closer inspection are dodgy. The 'Finance Monthly' is apparently known for selling awards to businesses willing to contribute some money to it. Google around for chatter on the Web about this. They display a 2010 FI Global Award from it. 

 

None of this means they'll scam you. All businesses are in the game of persuasion. All businesses want the social proof of awards and having highly regarded companies such as  Facebook or HSBC as business partners. 

 

But ... would I use them? Not a chance. 

Don't touch MBMG or even Friends' Provident with the proverbial barge pole - unless you want to lose your life savings as well as your sanity should you attempt to withdraw your own cash from your failed investment.

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!

 

 

Still involved in WW111 attempting to get the return of my just under 7,000 sterling from FPI - their so-called helpline doesn't now  even bother to reply to my emailed comments and requests....even the IFA who managed the 'investment' for me  is now attempting to help me get what's mine! Good Man!

 

Over the past few years, FPI has changed hands more often than a British football team's members listing and I'm now seriously furious at their so-called helpline's  lack of even fake polite responses to my comments. I've found a good number of former issues I've asked the firm to deal with - mostly online, in my Word folder and in piles of sent stuff over the past years, none of which make any sense to me. - should have dumped them then!

On 9/1/2022 at 10:19 PM, wordchild said:

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 “

The linking of insurance companies with investments for expats is for historical reasons. 

 

For a very long time there were almost no opportunities for investments for expats. These poor quality so-called bonds were almost the only opportunities available.

 

In the last 10 years with Fintech there have been massive Improvement in the opportunities to invest in genuine Investments which require none of these parasitical middlemen. 

 

I'd recommend our OP look to Singapore (or other Tier 1 finance locations) and reputable companies if he wants to plant money somewhere. There is no need to trap yourself in 1970s-style investments. Obvious examples are Endowus or Stashaway (who have just opened a Bangkok branch... but I'd still use their Singapore branch...). But always do your own due diligence.