The Money Mustache Community
Learning, Sharing, and Teaching => Investor Alley => Topic started by: quantum123 on January 11, 2018, 05:28:35 AM
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In 2015 my money was burning in my pocket and I had nowhere to put them. RL360 seemed like a good place for a foreigner working in China not wanting to pay a lot of tax and for a pension saving.
I wrote a few emails and were contacted by a Independent Financial Adviser (IFA) presenting and advising me on the Quantum product. I new very little about these products (and they are EXTREMELY complicated) so I relied heavily on the advice from my IFA. I followed his advice and signed a contract. 10 months later my gut feel told me that something is off and I started researching. Found information posted here and my legs just disappeared under me reading the horror stories. After 11 months and 33000USD I cancelled my Mastercard that was being used for the payments and started arguing my case and negotiating with my IFA. He admitted to having mis-advised and started his negotiation with RL360. We came to the agreement that he had the majority of the blame, but since it was me that signed the contract, I would also have to pay for that (mistake) and cover some of the loss in bonusses that he had to pay back to RL360 (huge number we talk about here!).
Now 14 months later I have received 29000USD from RL360 which had not been possible was it not for the cooperation of my IFA. I am truly lucky to have dealt with a decent person in this matter and one that stood op for his mistakes.
Post about RL360s products and other people having lost their money:
https://forum.mrmoneymustache.com/investor-alley/royal-london-360-i-dun-goofed/
- Niels
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Congrats!!
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Probably the rare bit of good news regarding this investment
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Probably the rare bit of good news regarding this investment
Most definitely is! A first in my IFAs 27 year career... This was only possible due to the good will of my IFA which is really odd to me. One can only suspect why this IFA is such an important link between RL360 and the consumer. The IFA had to agree on paying a ~20.000USD bonus back first but anyhow it should be in RL360 best interest to serve its end customer and not the IFA.
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Wow. Congrats!
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That's awesome q123! Congrats :-)
It's funny because I was just reviewing idungoofed's thread and thinking about my scumbag "advisor".
I've managed to turn 2 potential victims away from this scam here in Cambodia, which pleased me immensely, and I'm really happy you got some revenge as well.
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This has nothing to do with revenge. Just my IFA and me trying to fix a mistake the best way possible. Lucky for me he was willing to help me fix it :)