Friends Provident International Sucks Customer Reviews and Feedback
Friends Provident was an organisation offering life insurance based in the United Kingdom. It was founded as a mutual Friendly Society for Quakers, although it was demutualised in 2001 and became a publicly listed company, no longer linked with the Religious Society of Friends. On 29 March 2011 Friends Provident changed its trading name to Friends Life, although its registered name remains as Friends Provident.
The head office was located at 100 Wood Street in London. The registered office is at Pixham End, Dorking in Surrey. It is a member of the Association of British Insurers and is regulated by the Financial Conduct Authority. It was listed on the London Stock Exchange and a constituent of the FTSE 100 Index until being acquired by buyout firm Resolution in November 2009. F&C Asset Management demerged from Friends Provident in 2009.
An angry customer said this in a review "An absolute daylight corporate scam. Friends Provident International doesn´t get anywhere near a locked savings plan with FPI (there are others out there) very high % fees initially sold as just 1%. Turns out they are 6% and higher. Astronomical early redemption charges which are applied through the length of the plan. A big if but if any of the funds are managed well, you might get back exactly what you put in after 6 or 7 years of premium paying , If you are lucky. Please do your research and avoid being stung by FPI and DeVere Acuma the FI firm selling these plans aggressively for commission".
Former Employee - Anonymous Employee says"Management don't really know the outlook for the business. Some Managers protecting their jobs and not being respectful to individual employees to their own gain. Company going through immense change."
Former Employee - Customer Service Representative says"Not having your own desk, you have to keep moving around. Some managers are overly stuck up"
deejaybee x says"Friends Provident International are a SCAM. Charges are 8% This was not declared to me by their broker. FPI then say they have no control over their brokers, that they are third party. SCAM SCAM SCAM"
Tristan Girault says"An absolute daylight corporate scam. Do not get anywhere near a locked savings plan with FPI (there are others out there) very high % fees initially sold as just 1% ? Turns out they are 6% and higher) astronomical early redemption charges which are applied through the length of the plan. A big if but if any of the funds are managed well, you might get back exactly what you put in after 6 or 7 years of premium paying , If you are lucky. Please do your research and avoid being stung by FPI and DeVere Acuma the FI firm selling these plans aggressively for commission"
James says"DO NOT put any money into FPI and do not listen to your so called 'independent' financial advisor - in the UAE the majority are reaping huge rewards and incentivized to sell products. They have high fees and penalties of up to 100% - it should be illegal. Please make sure you seek INDEPENDENT advice or read-up on this subject first - within minutes you will see the mistake you would be making. Google Andrew Hallam, the journalist and he has some great insight into expat investing. Please don't make the same mistake as me - I have just received charges and penalties of 28k GBP for a fund worth 42k. At no point could this be right."
Franziska says"I was sold a 25 (!) year plan 10 years ago through a scam firm called deVere in Dubai. surrender value today (so what I could take out today), so 10 years in and 15 years away from their "maturity date" is less than a third (!!!!) of what I paid in. according to the table I got at the time it should be at least 45% (still bad, but it shows that they are selling something else then they are doing). they take a probably illegal 6% (!!!!) in fees annually (I don't know what I was thinking when I signed this.... but they came highly recommended form some friends, so ... I was blind). so it's impossible to make money in this investment, even if the stock exchange races. it sucks beyond limits, but I am afraid I won't see any of my money before 2035. on top of that - the funds the useless "agent" recommended at the time have lost 20% of value. but I just found out at least I can switch funds myself via the FP website (after requesting to turn on that functionality from their customer service) - it always looked like I had to get back to "my broker" deVere for that. but I don't want to talk to these people anymore either. even though they keep calling and mailing me like a pain in the neck. the list of funds offered on the PFinternational portfolio is - however - very limited! it's actually a joke."