I took out a Vista policy with Zurich International Life (ZIL) on 1 May. The investment strategy that I designated was 100 per cent Euro Blue Chip Fund (EBCF).
On 4 January 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. 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.
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