Each to his own, I suppose. However, the whole approach took me make to Post-Grad days when I shared a house with a 'Policymonger' from Hambro Life! - What an education that was!

He "recommended" him?

How will he know how good he was until he's dead?

as in - he wasn't an annoying fckwit.

Q: If a Life Insurance Salesman fell into a pool of sharks, why would he not be attacked and eaten?
A: Professional Etiquette!

That's a play on the Lawyer joke...

And if you've ever had anyone die and leave debts, dependents and/or IHT bills to be paid the only person who comes to give money at that time is the 'shark'.

That's not to say Life Insurance isn't or cannot be mis-sold...it often is.

N.

When my Endowment Mortgage finished in the UK, there was a small excess after the Capital Amount had been repaid. I have been in an extended correspondence with a 'Leading International Insurer' for the last two years. They raise one problem after another;

You do not live in the Original Property! - I moved after four years!
You do not have the same Bank Account! - The Bank was demolished!
You live Overseas! - Yes . . . and?
Do you have a 'Gas Bill?' - Mohammad the Cylinder man is illiterate!
In what Country is the United Arab Emirates?
What is the address of your parents? - They are both dead!

Unfortunately, the Shark did not arrive! - I only have sporadic communication with a multitude of correspondents from the pond! - Therefore, you can probably see why my view is quite jaundiced.

Methinks that they are hoping that I will 'Go Away!'

These practices do not inspire confidence. The whole Financial Services Industry is in need of fundamental reform.

The grubby little technique of dropping a receptionist Dhs 100/- for a telephone list is not only unethical, it is immoral!

Discuss

If you read past what you quoted of me you'll see we're on the same page when it comes to best practice and consultative selling over cold calling and pushy salesmen (the sharks)...as for entire industry reform, do you mean in the UAE or worldwide?

N.

No offence meant against you, Norm at all. What I quoted was a UK Experience, which also transcends into Medical and Car Insurance! - Let's play the game of asking one spurious question at a time, and hope they 'Go Away!'

On the other hand my experiences here in the Middle East have been akin to the 'Americanised' selling practices of Hambro and the like, used in the UK during the early 80s.

What regulation is there here in the UAE? The 'Nice Gentleman' from AES rattled off his IFA status, etc., but he had difficulty with literacy skills! - If the forms, and a few Emails were anything to go by.

No offense taken.

The UAE has zero regulation at present but that is due to change...hopefully sooner rather than later. Even a minimal qualification standard will turn off many of the double glazing salesmen. There are probably on 3-4 companies in the UAE who self-regulate correctly and at something akin to current UK/EU standards.

The Central Bank has supposedly banned cold calling but I know this still goes on, albeit in a subdued manner.

The main problem is the lack of knowledge of people calling themselves "advisors" and the hard sell approach.

N.

Norm,

I must have been tempting fate today! - I received another Email from Shark Pond, this afternoon, asking for information that has been sent previously!

Is it me?

It's appaling, but not all IFA are slimy charlatans. Some of us have proper qualifications, have never cold-called in our lives and have ethics.

I find it amazing that people don't check out who they are dealing with, but a simple rule to start with is that if they cold call they are to be avoided.

You're paying karma off...I believe Hell is a place where you are cold called three times a day

N.

You don't believe in Hell, so you have nothing to worry about.

Only in the earthy sense...

N.

My advisor told me that they are not a private bank, but a private bank status company. Their main selling point is that they are not only regulated by the necessary authorities within the UAE, but also with the FSA (Financial Services Authority) in London. I had a brilliant experience with them, they managed the transfer of my UK frozen pension. I would recommend them to anybody.