Providence Life
Providence Life Overview
The aggregated data is based on reviews and questionnaires provided by PissedConsumer.com users.
Providence Life has 1.3 star rating based on 2 customer reviews. Consumers are mostly dissatisfied.
- Rating Distribution
Pros: Non.
Cons: Unethical.Recent recommendations regarding this business are as follows: "Seek Advice and Pursue a Complaint via Regulators in the Trustees Juristiction", "Please contact the FCS in Mauritius if effected".
The aggregated data is based on reviews and questionnaires provided by PissedConsumer.com users.
Providence Life has 1.3 star rating based on 2 customer reviews. Consumers are mostly dissatisfied.
- Rating Distribution
Pros: Non.
Cons: Unethical.Recent recommendations regarding this business are as follows: "Seek Advice and Pursue a Complaint via Regulators in the Trustees Juristiction", "Please contact the FCS in Mauritius if effected".
Consumers are not pleased with Billing Practices and Customer service. The price level of this organization is high according to consumer reviews.
Media from reviews
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Verified Reviewer | Pulau Labuan, Wilayah Persekutuan LabuanContractual Errors in Collecting Spurious Fees
As you will be aware there were marketing fees deducted that are being challenged and disputed. These did not appear on the original contracts and are in excess of the total fee structure charges which you would have signed for.
ie 1.75% pa.
If you were sold your pension through Devere, which is more than likely, please note that it is very probable they were not licensed or regulated by that country's Financial Authority, to do so.
Furthermore, STM as the Trustee were 24% owned by Nigel Green CEO of Devere. So a "Conflict of Interest" existed, also it's mooted that Green owns/owned Providence Life too.
Please contact me to join in our group who are seeking legal action, Danny Arnold on Facebook
- Non
- Unethical
Preferred solution: Full refund
User's recommendation: Seek Advice and Pursue a Complaint via Regulators in the Trustees Juristiction
Review of Bond Charges
Hi There
If you hold or know anyone that has a Providence Life Horizon Portfolio Bond and has received notification of a system error .. Providence Life want to correct their own error and charge you at the rate of 1% per annum of the initial fund value for the first 8 years you own the bond
Yes the charge is in the T&;;;Cs but why should the policyholder pay for a Companies own error?
This error could cost you £10s of thousands of your cash!
If you are effected can you please complain directly to the FCS in Mauritius
I have!!!!!
If enough complaints are received we might just get the backdated charge reversed
Please spread this message far and wide!
User's recommendation: Please contact the FCS in Mauritius if effected
Companies Similar to Providence Life
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LEGAL ACTION AGAINST PLL As with yourself, I too have suffered a financial loss with Providence Life Pension through the very suspcious 1% "Marketing Fee". I have however thought this tooth and nail, now I have a group of 7-8 others who have all similarly lost money.
We have former Devere advisors on board, fighting this on our behalf, proving disclosures, documents and witness statements. At least 3 clients have been refunded their fees. I am already in discussion with a reputable and experienced law firm, who have been previously sucessful with Class Action litigation, some of which had ATE funding.
I would be most gratefyl to share any information with you and welcome you to the group. Any enquiries, please find Danny Arnold on FB.
In the same boat. The fees are a complete rip off already without the additional 8% unfortunately at the time i was not so investment savvy and unfortunately and wrongly trusted DeVere Group (Shanghai) as my IFA..
bunch of cowboys, they were.
I think their argument would be that they did not suddenly remove the 8% , it had always been taken, it just wasn't reflected in the reporting.. at least that's what the letter says.
Contact me via FB Danny Arnold
# Me too. Held policy for over 8 years .
Notified by STM in November 2021. Received "adjusted for error statement" in December 2021 with no calculation or response to complaints over why this should be charged when I was never previously notified about such charges, how can the amount be just removed without my authority and how legal is it to charge clients/ customers/ policyholders for an alledged computer error in their own accounting system going back over eight years in one lump sum. Where is the evidence that this is actually legal certainly not very moral .
Still waiting for response. This matter has raised other queries as well.