Zurich International Life
Complaint 254781 Details
- Date Occurred: 03/12/2014
- Reported Damages: $13,000.00
- Location: Isle of Man
- !
The complaint is against an online dating profile
The complaint is a listing fraud posted on public forums or sites against an anonymous entity
The complaint is mobile text spam or smishing related against an anonymous entity
The company or person contact no longer exists
International boundaries
I took out a Vista policy with Zurich International Life (ZIL) on 1 May 2008. The investment strategy that I designated was 100 per cent Euro Blue Chip Fund (EBCF).
On 4 January 2011, I took out a loan against my policy that has led to two problems that I have not been able to resolve.
First, the Loan Agreement that I signed, states "Sufficient funds will be switched to the Guaranteed Accumulation Fund to cover the value of the loan". The value of the loan was US$40,000; ZIL took an excessive US$62,624.40.
Second, the loan agreement also gave ZIL the right to take my money out of the EBCF, the fund designated in my investment strategy, and put it into a fund of its choice. It chose the US Guaranteed Fund (USGF).
I repaid the loan on 12 March 2012. Upon that date, the investment strategy of record should have gone back in force--however, it did not. My money stayed in the USGF. As a result, I have lost substantial return on my investment.
I brought this matter to the attention of ZIL's CEO Clive Baker. In his response, Mr Baker stated that, upon repayment of the loan, I was obliged to submit a written request to repurchase units in the Euro Blue Chip fund.
My investment strategy has been the same since day one. The notion that I should have to buy back into a fund (EBCF) that I never left is absurd.
The Board of Directors supports the position of management. Mediation has been ineffective. I filed a complaint with the Isle of Man and Swiss regulators. Both indicated that their mandate is enforcing legislation, not consumer protection.
I hope that Scambook can help.
- Karen SBID #539c39174a
- Posted 06/29/2013
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Company Statistics
- Complaint Against Zurich International Life
- Complaints Filed: 2
- Reported Damages: $63,000.00
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